Canadian Stocks Moving Back To The Upside

(RTTNews) - After ending the previous session modestly lower, Canadian stocks have moved back to the upside during trading on Wednesday.

The benchmark S&P/TSX Composite Index is up 92.08 points or 0.4 percent at 25,497.22, more than offsetting the slight drop seen during Tuesday's session.

The strength on Bay Street comes after closely watched U.S. consumer price inflation data for October came in line with economist estimates.

While the Federal Reserve's preferred inflation readings showed an acceleration by the annual rate of consumer price growth, the data has still increased optimism the central bank will cut interest rates again next month.

Consumer staples stocks have shown a strong move to the upside on the day, driving the S&P/TSX Capped Consumer Staples Index up by 1.3 percent.

Significant strength is also visible among interest rate-sensitive utilities stocks, as reflected by the 1.2 percent gain being posted by the S&P/TSX Capped Utilities Index.

Healthcare and telecom stocks are also seeing notable strength, moving higher along with most of the other major sectors.