(Reuters) -Canada’s main stock index edged lower on Wednesday, weighed by declines for financial and metal mining shares, as the approach of the end of the quarter spurred investors to take stock of recent strong gains for the market.
The S&P/TSX composite index ended down 58.68 points, or 0.2%, at 29,756.95, extending its pullback from a record closing high on Monday. Still, the index was on track for a gain of 10.8% in the third quarter, which would be its fifth straight quarterly advance.
U.S. stocks also closed lower for a second straight session as investors booked profits with indexes near record levels after Federal Reserve Chair Jerome Powell flagged potentially stretched stock prices and ahead of a reading on inflation later in the week.
“Markets have gone up so much that they were due for a rest,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. “We’re…
