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North American markets bounced back with their second best day of the year after the Federal Reserve signalled that interest rate cuts are possible to address trade challenges and a slowing economy.

The S&P/TSX composite index was up 150.35 points at 16,166.24.

In New York, the Dow Jones industrial average was up 512.40 points at 25,332.18. The S&P 500 index was up 58.82 points at 2,803.27, while the Nasdaq composite was up 194.10 points at 7,527.12.

The Canadian dollar traded at an average of US74.55¢ compared with an average of US74.24¢ on Monday.

The July crude contract was up 23¢ at US$53.48 per barrel and the July natural gas contract was up 1.3¢ at US$2.42 per mmBTU.

The August gold contract was up 80¢ at US$1,328.70 an ounce and the July copper contract was up 1.9¢ at US$2.67 a pound.