Canadian Stocks Show Another Moderate Move To The Upside

(RTTNews) - Extending the upward move seen last Friday, Canadian stocks moved moderately higher during trading on Monday.

The S&P/TSX Composite Index pulled back off its best levels going into the close but still ended the day up 53.23 points or 0.3 percent at 17,056.36.

Traders continued to react positively to last week's news that the U.S. and China have finally reached an agreement on a phase one trade deal.

The agreement, announced by U.S. and Chinese officials last Friday, includes suspending planned tariffs on Chinese goods as well as scaling back existing tariffs in exchange for Chinese structural reforms and purchases of U.S. goods.

The trade deal eliminates a lot of the uncertainty hanging over the markets, although traders still seem somewhat wary as they await more details about the agreement.

Additionally, the agreement does not completely end the U.S.-China trade war, as some tariffs will remain in place as negotiators begin phase two talks.

Telecom, utilities and energy stocks saw some strength on the day, while healthcare stocks showed a substantial move to the downside.