Canadian Stocks Pull Back Off Early Highs But Remain Firmly Positive

(RTTNews) - Following the rally seen in the previous session, Canadian stocks turned in another strong performance during trading on Wednesday.

The S&P/TSX Composite Index gave back ground after an early surge but still ended the day up 166.70 points or 0.7 percent at 24,472.68.

Canadian stocks initially followed their U.S. peers higher after President Donald Trump appeared to soften his stance on Federal Reserve Chair Jerome Powell.

"I have no intention of firing him," Trump told reporters on Tuesday but reiterated he would like to see Powell and the Fed resume lowering interest rates.

Trump's attacks on Powell, including calling him a "major loser" as recently as Monday, had led to anxiety about the Fed's independence.

Technology stocks posted particularly strong gains on the day, with the S&P/TSX Capped Information Technology Index spiking by 3.3 percent.

Financial and industrial stocks also saw considerable strength, while gold stocks moved sharply lower along with the price of the precious metal.