North American stock markets rebounded strongly from the worst week since the 2008 financial crisis on expectations that central banks will cut interest rates in order to offset the damage from the spread of the novel coronavirus.

The S&P/TSX composite index closed up 290.21 points or 1.8 per cent at 16,553.26.

In New York, the Dow Jones industrial average was up 1,293.96 points or 5.1 per cent at 26,703.32. The S&P 500 index was up 136.01 points at 3,090.23, while the Nasdaq composite was up 384.80 points at 8,952.17.

The Canadian dollar traded for US74.87¢ compared with an average of US74.47¢ on Friday.

The April crude contract was up US$1.99 at US$46.75 per barrel and the April natural gas contract was up US7.2¢ at US$1.76 per mmBTU.

The April gold contract was up US$28.10 at US$1,594.80 an ounce and the May copper contract was up US5.5¢ at US$2.60 a pound.