Canadian Stocks Climb Well Off Worst Levels But Close Modestly Lower

After coming under pressure early in the session, Canadian stocks showed a significant recovery attempt over the course of the trading day on Wednesday.

The benchmark S&P/TSX Composite Index climbed well off its worst levels of the day but still closed down 29.95 points or 0.2 percent at 20,599.60.

The initial weakness on Bay Street partly reflected a negative reaction to earnings news from big-name companies like Microsoft and Boeing.

The subsequent recovery attempt may have reflected optimism the Bank of Canada is done raising interest rates following a quarter-point rate hike this morning.