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Stock markets rally for 3rd day, loonie up against U.S. dollar

Last Updated Mar 26, 2020 at 1:12 pm EDT

A sign board in Toronto displays the TSX close on March 16, 2020. THE CANADIAN PRESS/Frank Gunn

The U.S. Senate approved aid late Wednesday to blunt the impact of business shutdowns due to the coronavirus.

Investors are waiting to see the details of the plan.

Global central banks already have cut interest rates and injected money into financial markets.

North American stock markets rallied for a third day in a row and the loonie took flight compared with the U.S. dollar in late-morning trading.

The S&P/TSX composite index was up 390.42 points at 13,529.65.

In New York, the Dow Jones industrial average was up 919.85 points at 22,120.40. The S&P 500 index was up 91.96 points at 2,567.52, while the Nasdaq composite was up 236.27 points at 7,620.57.

The Canadian dollar traded for 71.07 cents US compared with an average of 69.92 cents US on Wednesday.

The May crude contract was down 65 cents at US$23.84 per barrel and the May natural gas contract was down 3.3 cents at US$1.68 mmBTU.

The April gold contract was up US$18.30 at US$1,651.70 an ounce and the May copper contract was down 1.80 cents at US$2.19 a pound.

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