Canadian Stocks Showing Another Move To The Upside

(RTTNews) - Canadian stocks have moved mostly higher during trading on Tuesday, extending the upward move seen over the course of the previous sessions.

Currently, the benchmark S&P/TSX Composite Index is just off its high of the session, up 140.81 points or 0.5 percent at 26,750.34. The index is on pace to end the day at a new record closing high.

The continued strength on Bay Street comes after U.S. President Donald Trump announced a ceasefire between Israel and Iran is now in effect.

"On the assumption that everything works as it should, which it will, I would like to congratulate both countries, Israel and Iran, on having the stamina, courage, and intelligence to end what should be called 'THE 12-DAY WAR,'" Trump wrote on Truth Social.

While both sides have accused each other of violating the ceasefire, traders appear to remain optimistic about easing tensions in the Middle East.

Technology stocks are turning in some of the market's best performances on the day, with the S&P/TSX Capped Information Technology Index surging by 2.4 percent.

Telecom and financial stocks are also seeing considerable strength, while gold and energy stocks are bucking the uptrend.

In economic news, Statistics Canada released a report showing Canadian consumer prices rose by 0.2 percent in May, while the annual rate of growth was unchanged from the previous month at 1.7 percent.