North American stock markets hit record highs on easing of virus concerns

The Canadian dollar gained ground against the greenback on Tuesday

North American stock markets inched up to new record highs on a broad-based rally resulting from an easing of novel coronavirus concerns.

The S&P/TSX composite index closed up 36.54 points at 17,777.11 after setting an intraday record high.

In New York, the Dow Jones industrial average was down 0.48 of a point at 29,276.34 after setting a record in earlier trading. The S&P 500 index and the Nasdaq composite both closed at record highs with the S&P gaining 5.66 points to 3,357.75 and Nasdaq up 10.55 points at 9,638.94.

The Canadian dollar traded for US75.23¢ compared with an average of US75.08¢ on Monday.

The March crude contract was up US37¢ at US$49.94 per barrel and the March natural gas contract was up US2.2¢ at US$1.79 per mmBTU.

The April gold contract was down US$9.40 at US$1,570.10 an ounce and the March copper contract was up US3.25¢ at US$2.58 a pound.