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TSX Hits Fresh Intraday, Closing Highs

The Canadian stock market hit fresh intraday and closing highs on Tuesday, as the mood remained positive right through the session, after reports suggested the rate of growth in coronavirus infections has slowed.

The Chinese President Xi Jinping's pledge to win the fight against the coronavirus outbreak lifted sentiment.

Recent strong earnings reports and economic data out of the U.S., and the Federal Reserve Chair Jerome Powell's comments today that the U.S. economy appeared resilient to global headwinds also supported the market.

Healthcare, consumer discretionary and materials shares were among the notable gainers in the Canadian market. Consumer staples shares were weak, while energy, financial, industrial and information technology shares turned in a mixed performance.

The benchmark S&P/TSX Composite Index, which rose to a fresh record high of 17,822.15, ended the session with a gain of 36.54 points, or 0.21%, at 17,777.11, a new closing high.

OceanaGold Corporation (OGC.TO), Canopy Growth Corporation (WEED.TO), Aphria Inc. (APHA.TO) and Baytex Energy (BTE.TO) gained 3 to 5.3%, on strong volumes.

MEG Energy (MEG.TO) and Manulife Financial Corp (MFC.TO) advanced 1.7% and 1.3%, respectively.

Maxar Technologies (MAXR.TO), Canada Goose Holdings (GOOS.TO), Aura Minerals (ORA.TO), Canopy Growth Corporation (WEED.TO), Methanex Corporation (MX.TO), Power Corporation of Canada (POW.TO) and Air Canada (AC.TO) gained 3.3 to 5%.

Among the prominent losers, Bombardier Inc. (BBD.B.TO) declined more than 5%. Aurora Cannabis (ACB.TO) ended lower by about 1.4%.

Alimentation Couche-Tard Inc. (ATD.B.TO), Cogeco Communications (CCA.TO) and Dollarama (DOL.TO) also closed weak.

U.S. stocks failed to hold early gains. The Dow ended flat, while the Nasdaq and the S&P 500 edged up 0.1% and 0.2%, respectively.

Stock markets across the Asia-Pacific region and Europe ended higher on Tuesday.

In commodities, West Texas Intermediate crude oil futures for March ended up $0.37, or about 0.8%, at $49.94 a barrel.

Gold futures for April ended down $9.40, or about 0.6%, at $1,570.10 an ounce.

Silver futures for March ended lower by $0.188 at $17.597 an ounce, while Copper futures for March settled at $2.5830 per pound, up $0.0325 from previous close.

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