Canadian Stocks Extend Losing Streak To Fifth Session

(RTTNews) - Canadian stocks moved mostly lower during trading on Thursday, extending the downward trend seen over the past several sessions.

After coming under pressure in early trading, the benchmark S&P/TSX Composite Index remained firmly negative throughout the day.

The S&P/TSX Composite Index slid 125.05 points or 0.6 percent to 19,580.90, closing lower for the fifth consecutive session.

Concerns about the outlook for interest rates continued to weigh on Bay Street, as Federal Reserve Chair Jerome Powell reiterated the central bank plans to continue raising interest rates during his second day of testimony on Capitol Hill.

Adding to the interest rate concerns, the Bank of England raised rates more aggressively, citing persistent inflation and labor market tightness.

The rate-setting panel voted 7-2 to increase the bank rate by 50 basis points to 5.00 percent, the highest since 2008. Markets were expecting a quarter point increase.

Energy stocks saw substantial weakness amid a sharp pullback by the price of crude oil, dragging the S&P/TSX Capped Energy Index down by 2.1 percent.

Commercial real estate, financial and consumer discretionary stocks also showed significant moves to the downside on the day.