Canadian Stocks Move Mostly Higher Amid Optimism About Rate Cuts

(RTTNews) - Canadian stocks moved mostly higher during trading on Tuesday, more than offsetting the modest weakness seen in the previous session.

After moving to the upside early in the session, the benchmark S&P/TSX Composite Index remained firmly positive throughout the day before closing up 143.92 points or 0.5 percent at 30,419.68.

The strength on Bay Street may have reflected optimism about the outlook for interest rates ahead of monetary policy announcements from both sides of the border on Wednesday.

Both the Bank of Canada and the U.S. Federal Reserve are widely expected to lower rates by a quarter point for the second straight meeting amid signs of economic weakness, particularly in the labor markets.

Technology stocks turned in some of the market's best performances on the day, with the S&P/TSX Capped Information Technology Index climbing by 1.5 percent.

Notable strength was also visible among gold stocks, which regained ground following yesterday's sell-off despite a continued slump by the price of the precious metal.

On the other hand, real estate, healthcare and energy stocks saw considerable weakness, partly offsetting the strength in the aforementioned sectors.