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Canadian Stocks Close Modestly Higher Following Recent Pullback

After trending lower over the past few sessions, Canadian stocks showed a modest move back to the upside during trading on Monday.

The benchmark S&P/TSX Composite Index pulled back off its best levels but still edged up 33.35 points or 0.2 percent to 20,666.41 snapping a four-session losing streak.

Despite the uptick on the day, the S&P/TSX Composite Index remains well off the record closing high set last Friday.

Energy stocks helped lead the way higher on the day, with the S&P/TSX Capped Energy Index soaring by 4.2 percent.

The strength among energy stocks came as the price of crude oil for October delivery saw further upside, climbing $0.73 to $70.45 a barrel, its highest closing level in well over a month.

The price of crude oil continued to benefit from concerns about U.S. supply due to the production disruptions caused by Hurricane Ida.

An uptick by the price of gold also contributed to strength among gold stocks, resulting in a 1.2 percent gain by the S&P/TSX Global Gold Index.

Meanwhile, technology stocks showed a notable move to the downside on the day, dragging the S&P/TSX Capped Information Index down by 1.5 percent.

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