Canadian Stocks Close Sharply Higher Following Volatile Session

(RTTNews) - Canadian stocks showed wild swings over the course of the trading session on Tuesday before eventually finishing the day sharply higher.

After failing to sustain an initial upward move, the S&P/TSX Composite Index pulled back all the way into negative territory before rebounding in the afternoon to close up 443.85 points or 3.1 percent at 14,958.09.

The substantially higher close on Bay Street came as traders went bargain hunting after the S&P/TSX Composite Index plummeted by 10.3 percent on Monday to its lowest closing level in over a year.

Buying interest was also generated in reaction to U.S. President Donald Trump's pledge to provide "very substantial relief" amid the economic fallout from the coronavirus outbreak.

Trump told reporters Monday evening that he would be meeting with House and Senate Republicans today to discuss a possible payroll tax cut or other stimulus measures.

Industrial and technology stocks turned in some of the market's best performances on the day, with the S&P/TSX Capped Industrials Index and the S&P/TSX Capped Information Technology Index soaring by 5.2 percent and 5.5 percent, respectively.

Healthcare, telecom and financial stocks also saw considerable strength, while energy stocks also ended a volatile session mostly higher amid a rebound in crude oil prices.