The surge in global stocks came after a front page editorial from the China Securities Times said that fostering a healthy bull market in the aftermath of the pandemic would be critical to the economy.
In Toronto, the recovery was widespread, with the 11 TSX subgroups all in positive territory, driven by an increase of more than 2% in the information technology sector.
Investors sold some traditional safe-haven assets during the equity drain, pushing the Japanese yen, the US dollar and US Treasuries down. The Canadian dollar remained stable against its American counterpart at 73.80 cents US
Oil prices came under modest pressure as the US benchmark West Texas Intermediate fell 0.9% to US $ 40.27 per barrel. The Western Canadian Select of Alberta slipped a third of a percent to US $ 31.49 per barrel.