(RTTNews) - Canadian stocks moved to the downside early in the session on Thursday but regained ground over the course of the trading day to close modestly higher.
The benchmark S&P/TSX Composite Index climbed well off its worst levels of the day and into positive territory, closing up 105.65 points or 0.3 percent at 34,517.70.
The index rebounded following the notable pullback seen over the two previous sessions but remains well off Monday's record highs.
An overnight spike in crude oil prices weighed on Bay Street early in the session, but oil pries pulled back well off their highs as the day progressed.
The pullback by oil prices came after a report from Axios said U.S. and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding.
Citing two U.S. officials and a regional source involved in the mediation efforts, Axios indicated the MOU would extend the ceasefire and launch negotiations on Iran's nuclear program.
Axios noted President Donald Trump has not yet given final approval, with a U.S. official saying he wants a couple of days to think about the deal.
Technology stocks subsequently showed a substantial move to the upside on the day, driving the S&P/TSX Capped Information Technology Index up by 2.6 percent.
Considerable strength also emerged among gold stocks, as reflected by the 1.4 percent gain posted by the S&P/TSX Global Gold Index.
Gold stocks advanced as the price of the precious metal rebounded from early weakness amid the pullback by price of crude oil prices.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
