Energy Stocks Drag TSX Lower, BoC Stands Pat -- Canadian Commentary

(RTTNews) - Canadian stocks were poised to finish lower Wednesday as falling crude oil prices weighed on energy stocks.

Early in the day, the Bank of Canada maintained its overnight interest rate at 0.5 percent, citing global economic uncertainty related to the potential impact of U.S. president-elect Donald Trump's trade policies.

The S&P/TSX Composite Index was down 50 points, or 0.37 percent to 15,392.48, with positive health care stocks limiting the damage.

Beyond the Bank of Canada, traders were paying close attention to the Federal Reserve.

Federal Reserve Chair Janet Yellen says she expects rates to rise 'a few times a year' until end of 2019.

While the Fed is close to its dual mandate of full employment and price stability, she cannot project the specific timing of another rate hike, Yellen told the Commonwealth Club in San Francisco, California.

Economic growth continued at modest pace across most of the United States, but several districts report disappointing sales over holidays, the Federal Reserve's Beige Book said Wednesday.

In corporate news, uranium producer Cameco Corp (CCO.TO) expects its 2016 adjusted profit to be significantly lower than expected. The company also announced job cuts. Shares plunged 16 percent.