TSX Ends On Positive Note

(RTTNews) - The Canadian market ended on a positive note on Tuesday with data showing a slowdown in U.S. core price growth raising optimism about the Federal Reserve cutting interest rates in June.

The benchmark S&P/TSX Composite Index ended with a gain of 61.80 points or 0.28% at 21,831.02, recovering well from an early low of 21,716.44.

Consumer discretionary, technology and industrials were among the notable gainers. Utilities and communications shares were weak.

Celestica Inc (CLS.TO), goeasy (GSY.TO), Kinaxis Inc (KXS.TO), Descartes Systems Group (DSG.TO), Toromont Industries (TIH.TO) and Restaurant Brands International (QSR.TO) gained 2 to 4%.

Cargojet (CJT.TO), Colliers International (CIGI.TO), TFI International (TFII.TO) and FirstService Corporation (FSV.TO) climbed 1 to 1.8%.

Newmont Corporation (NGT.TO), Stella-Jones (SJ.TO), Rogers Communications (RCI.A.TO), West Fraser Timber (WFG.TO), EQB Inc (EQB.TO) and SNC-Lavalin Group (ATRL.TO) ended down 1.7 to 4%.

Data from the Labor Department showed the U.S. consumer price index climbed by 0.4% in February after rising by 0.3% in January.

Excluding food and energy prices, core consumer prices also rose by 0.4% in February, matching the increase seen in January. Economists had expected core prices to rise by 0.3%.

The report also said the annual rate of consumer price growth ticked up to 3.2% in February from 3.1% in January.

Meanwhile, the annual rate of core consumer price growth slowed to 3.8% in February from 3.9% in January. Economists had expected the pace of growth to decelerate to 3.7%.

While core price growth slowed by slightly less than expected, the slowdown still seems to have added to optimism about the outlook for interest rates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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