Canadian Stocks Climb Off Worst Levels But Close Moderately Lower
(RTTNews) - Pulling back further off last Thursday's record highs, Canadian stocks moved moderately lower during trading on Monday.
The S&P/TSX Composite Index climbed off its worst levels of the day but still fell 58.37 points or 0.3 percent to 16,981.47.
The continued pullback came in reaction to a report from the Institute for Supply Management showing a continued contraction in U.S. manufacturing activity in the month of November.
The ISM said its purchasing managers index edged down to 48.1 in November from 48.3 in October, with a reading below 50 indicating a contraction in manufacturing activity. Economists had expected the index to inch up to 49.2.
The disappointing U.S. economic news offset earlier positive sentiment generated by some upbeat Chinese manufacturing data.
Traders were also reacting to President Donald Trump announcing plans to reinstate tariffs on metal imports from Brazil and Argentina.
"Brazil and Argentina have been presiding over a massive devaluation of their currencies. which is not good for our farmers," Trump said in a post on Twitter.
He added, "Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries."
Telecom and technology stocks saw some weakness on the day, while energy stocks also moved to the downside despite a rebound by the price of crude oil.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.