TSX has best back-to-back days since Feb. on easing COVID fears
BNN Bloomberg
Canada's main stock index has its strongest two-day performance in more than 10 months on easing fears about the latest COVID-19 variant that helped push the price of oil above US$70 a barrel.
TORONTO - Canada's main stock index has its strongest two-day performance in more than 10 months on easing fears about the latest COVID-19 variant that helped push the price of oil above US$70 a barrel.
The S&P/TSX composite index closed up 301.55 points to 21,162.65 after gaining nearly 228 points on Monday.
In New York, the Dow Jones industrial average was up 492.40 points at 35,719.43. The S&P 500 index was up 95.08 points at 4,686.75, while the Nasdaq composite was up 461.77 points or three per cent at 15,686.92.
Tuesday's moves followed a strong start to the week as volatility continues to be largely shaped by news about the Omicron variant, said Royce Mendes, executive director, economics at CIBC Capital Markets.
“Right now markets are viewing some of the latest information on the severity of the disease in regions of the world which saw early outbreaks of Omicron as positive news,'' he said in an interview.
White House chief medical adviser Dr. Anthony Fauci on Sunday said the variant might be less dangerous than the earlier Delta variant, potentially allowing travel and other restrictions to ease.
