Canadian Stocks Regaining Ground Following Yesterday's Pullback

Following the sharp pullback seen over the course of the previous session, Canadian stocks have shown a strong move back to the upside during trading on Thursday.

The benchmark S&P/TSX Composite Index is climbing 154.83 points or 0.8 percent to 20,619.43 after ending Wednesday's trading at its lowest closing level in well over a month.

Consumer stocks have helped lead the rebound on Bay Street, with the S&P/TSX Capped Consumer Staples Index and the S&P/TSX Capped Consumer Discretionary Index jumping by 1.8 percent and 1.7 percent, respectively.

Financial, communication services and commercial real estate stocks have also shown strong moves to the upside on the day.

On the other hand, gold stocks are extending the steep drop seen in the previous session, dragging the S&P/TSX Global Gold Index down by 2.1 percent.

The continued weakness in the gold sector comes as the price of gold for February delivery is slumping $16.90 to $1,767.40.

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