North American equity markets rallied into the weekend, with the S&P/TSX Composite Index gaining 3.31 per cent on Friday, the S&P 500 rising 2.68 per cent, the Dow Jones Industrial Average up 2.99 per cent and the Nasdaq Composite Index notching a 1.38 per cent rise.

In Toronto, 10 of the 11 TSX subgroups closed in positive territory, with information technology. consumer discretionary and financials posting the largest percentage gains. The resource-heavy materials sector closed lower on Friday.

Oil prices were battered with the May contract for U.S. benchmark West Texas Intermediate falling by 7.75 per cent to US$18.34 per barrel. However, a disconnect emerged in the future contracts ahead of shift from May to June, with futures dated in later months posting negligible declines. Oil contracts are priced on a monthly basis, and traders who don’t want to take delivery of physical crude will typically sell futures contracts ahead of expiration. That can lead to volatility in the month-to-month pricing of oil ahead of expiration.

Alberta’s Western Canadian Select rose more than 50 per cent to settle at US$11.12 a barrel.

The Canadian dollar rose about half a per cent against its U.S. counterpart, hitting 71.36 cents U.S. shortly after 4:30 p.m. ET.

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3:05 p.m. ET: North American equities pare gains into the weekend 

North American equity markets pared their gains into the late afternoon, with the S&P/TSX Composite Index holding on to a 1.85 per cent advance, the S&P 500 and Dow Jones Industrial Average rising more than one-and-a-half per cent and the Nasdaq Composite Index flat.

In Toronto, 10 of the 11 TSX subgroups were in positive territory, with consumer discretionary, information technology and financials posting the largest percentage gains. Only materials were in negative territory.

On a stock-specific basis, online gambling company Stars Group Inc., flight-simulator manufacturer CAE Inc. and oil producer MEG Energy Corp. all notched double-digit gains.

Oil prices remained in negative territory, with the May contract for U.S. benchmark West Texas Intermediate down nearly eight per cent. Canadian crude was higher, with Western Canadian Select trading at US$10.95 per barrel.

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10 a.m. ET - North American stocks rally amid U.S. reopening plans 

North American equity markets were in rally mode to start Friday’s trade, with the S&P/TSX Composite Index rising more than one-and-a-half per cent, the S&P 500 and Dow Jones Industrial Average up more than two per cent and the Nasdaq Composite Index posting a one per cent gain.

Risk assets like stocks gained after the United States unveiled plans for a potential economic reopening after the freeze put in place to combat the COVID-19 outbreak. Indices shrugged off some dour economic data out of China, with the world’s second-largest economy shrinking 6.8 per cent in the first quarter, an unprecedented end to nearly three decades of sustained growth.

Oil came under severe pressure, with the May West Texas Intermediate contract falling more than 10 per cent. However, disconnects in crude prices were pronounced ahead of the rollover to the June futures contract, with oil for May delivery trading more than 25 per cent lower than barrels for June delivery.

The Canadian dollar pushed higher against its U.S. counterpart, rising about 0.4 per cent to trade at 71.27 cents U.S.