Canadian Stocks Pull Back Off Best Levels But Close Modestly Higher

Canadian stocks moved modestly higher during trading on Thursday, regaining ground after moving mostly lower over the two previous sessions.

The benchmark S&P/TSX Composite Index pulled back off its best levels of the day but still closed up 52.77 points or 0.3 percent at 20,871.35.

The uptick came as traders looked ahead to the release of monthly employment from both sides of the border on Friday.

The U.S. jobs data could impact the outlook for interest rates, with traders recently expressing concerns the Federal Reserve may not lower rates as soon as previously anticipated.

Technology, industrial and financial stocks saw some strength on the day, while energy stocks came under pressure as the price of crude oil turn lower over the course of the session.

With crude for February delivery falling $0.51 or 0.7 percent to $72.19 a barrel, the S&P/TSX Capped Energy Index slumped by 1.2 percent.

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