Canada’s main stock index clawed back some earlier declines to end higher on Tuesday, led by financial and gold-mining shares, as investors weighed hotter-than-expected domestic inflation data as well as escalating tensions between Russia and Ukraine. The S&P 500 and Nasdaq also closed higher, although the Dow ended in the red.
The S&P/TSX composite index ended up 33.83 points, or 0.1%, at 25,010.77, moving closer to the record closing high it notched last Thursday.
“There are some positive narratives that are developing with the inflation print that we had and the fact that maybe there is no real need to have an accelerated rate cut cycle here as well,” said Sid Mokhtari, chief market technician for CIBC Capital Markets.
“That is buoying some of the financials which are a big part of the TSX index,” Mokhtari said, adding that financials could benefit from a steeper yield curve and expected looser business regulations in the…
