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North American stock markets marched to record highs on dissipating virus risks and China saying it would cut tariffs on U.S. imports in half.

The S&P/TSX composite index closed up 105.90 points to a record close of 17,757.49.

In New York, the Dow Jones industrial average was up 88.92 points at 29,379.77. The S&P 500 index was up 11.09 points at 3,345.78, while the Nasdaq composite was up 63.47 points at 9,572.15.

The Canadian dollar traded for US75.24¢ compared with an average of US75.25¢ on Wednesday.

The March crude contract was up US20¢ at US$50.95 per barrel and the March natural gas contract was up one tenth of a cent at US$1.86 per mmBTU.

The April gold contract was up US$7.20 at US$1,570.00 an ounce and the March copper contract was up US1.85¢ at US$2.59 a pound.