Canadian Stocks Moving Back To The Upside

After beginning the day roughly flat, Canadian stocks have moved steadily higher over the course of the trading session on Thursday.

The benchmark S&P/TSX Composite Index has climbed 117.51 points or 0.6 percent to 20,936.09, largely offsetting the pullback seen over the two previous sessions.

Canadian stocks have advanced along with their U.S. counterparts on Wall Street, which have moved to the upside despite renewed uncertainty about the outlook for interest rates.

The minutes of the latest Federal Reserve meeting highlighted an “unusually elevated degree of uncertainty” about the outlook for rates, leading several analysts to suggest the likelihood the central bank will lower rates in March has decreased.

Nonetheless, CME Group’s FedWatch Tool is currently still indicating a 62.1 percent chance the Fed will lower rates by a quarter point in March.

Technology stocks have shown a notable move to the upside on the day, driving the S&P/TSX Capped Information Technology Index up by 1.0 percent.

Industrial and financial stocks are also seeing some strength, while energy stocks have moved sharply lower along with the price of crude oil.

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