Canadian Stocks Extending Recent Upward Move

(RTTNews) - Canadian stocks have moved notably higher over the course of the trading session on Friday, extending the upward move seen over the past few days.

The benchmark S&P/TSX Composite Index has seen further upside in recent trading, reaching new highs for the session. The index is currently up 185.44 points or 0.7 percent at 25,031.64.

The continued strength on Bay Street comes amid renewed optimism about the outlook for U.S. interest rates following the inflation data released over the past few days.

Adding to the interest rate optimism, Federal Reserve Governor Christopher Waller told CNBC the central bank could lower interest rates multiple times this year if inflation eases as he is expecting.

Interest rate-sensitive utilities stocks are seeing significant strength on the day, with the S&P/TSX Capped Utilities Index climbing by 1.0 percent.

Significant strength is also visible among technology stocks, as reflected by the 1.0 percent gain being posted by the S&P/TSX Capped IT Index.

Materials, financial and healthcare stocks are also seeing some strength, moving higher along with most of the other major sectors.