Canadian Stocks Give Back Ground Following Recent Upward Trend

(RTTNews) - After moving higher over the past several sessions, Canadian stocks pulled back sharply as trading resumed following the long Easter weekend on Monday.

The benchmark S&P/TSX Composite Index regained some ground going into the close but still ended the day down 183.95 points or 0.8 percent at 24,008.86.

The weakness on Bay Street came amid lingering concerns about a global trade war as traders await signs of progress from President Donald Trump's trade talks.

Potentially adding to the worries, China has threatened to retaliate against any countries that reach a trade deal with the U.S. at the expense of China's interests.

A spokesman for China's Ministry of Commerce was asked to respond to reports the Trump administration is preparing to put pressure on other countries to restrict trade with China in exchange for U.S. tariff exemptions.

"If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner," the spokesman responded, according to a Google translation. "China is determined and capable of safeguarding its own rights and interests."

Healthcare stocks helped lead the way lower, with the S&P/TSX Capped Health Care Index plummeting by 2.8 percent.

Significant weakness was also visible among technology stocks, as reflected by the 2.0 percent slump by the S&P/TSX Capped Information Technology Index.

Commercial real estate, industrial and energy stocks also saw considerable weakness, with energy stocks pulling back sharply lower along with the price of crude oil.