North American markets rose on renewed optimism about the trajectory of the Covid-19 outbreak.

The S&P/TSX composite index closed up 311.57 points or 2.3% at 13,925.71, led by energy stocks as the oil price climbed.

In New York, the Dow Jones industrial average closed up 779.71 points at 23,433.57. The S&P 500 index was up 90.57 points at 2,749.98, while the Nasdaq composite was up 203.64 points at 8,090.90.

The Canadian dollar averaged US71.26¢, down from an average of US71.50¢ on Tuesday.

The May crude contract ended up $1.46 at US$25.09 per barrel and the May natural gas contract was down seven cents at US$1.78 per mmBTU.

The June gold contract closed up US60¢ at US$1,684.30 an ounce and the May copper contract closed down US1.25¢ at US$2.26 a pound.