Canadian stocks clawed their way into the green, snapping a six-day losing streak as expectations mounted central banks would cut interest rates to flight the growing impact of the coronavirus.
The S&P/TSX Composite Index rose about 0.8 per cent to 16,382.02 at 11:21 a.m. in Toronto, buoyed by gains in telcos, utilities and real estate. BCE Inc. gained about 1.1 per cent and Brookfield Renewable Partners added 3.3 per cent. Energy stocks fell despite oil rebounding from its worst week since 2008.
The S&P 500 pushed to session highs after news that Group of Seven finance ministers and bankers plan to hold a teleconference Tuesday to discuss how to respond to the outbreak. Tech shares led gains after central banks from Japan to England earlier joined the Federal Reserve in promising action as warranted.
The two-year Treasury yield sank through its 2016 lows and 10-year rates fell below 1.10 per