TSX Rebounds After Sharp Early Setback, Ends Slightly Up

(RTTNews) - The Canadian stock market ended marginally up on Tuesday, recovering remarkably well after a sharp early setback.

The market got off to a dismal start amid lingering concerns about the outlook for the Federal Reserve's monetary policy, caution ahead of Bank of Canada's rate decision, and mounting geopolitical concerns due to the tensions along the Ukrainian border.

Short-covering and bargain hunting after recent heavy losses contributed to the market's strong rebound.

The benchmark S&P/TSX Composite Index ended with a small gain of 19.68 points or 0.1% at 20,590.98. The index, which had plunged to 20,130.45 early on in the session, climbed to a high of 20,746.69 before paring gains.

Energy stocks ended with strong gains after crude oil prices rallied amid supply concerns. The Capped Energy Index climbed as much as 3.58%.

Technology stocks declined sharply, resulting in the Capped Information Technology Index falling by about 3%. Consumer discretionary stocks were the other prominent losers.

Healthcare, materials, industrials, financials and telecom stocks turned in a mixed performance.

Baytex Energy Corp (BTE.TO), Vermilion Energy (VET.TO), Crescent Point Energy (CPG.TO), Tamarack Valley Energy (TVE.TO), Suncor Energy (SU.TO), MEG Energy (MEG.TO), Cenovus Energy (CVE.TO), Parex Resources (PXT.TO) and Enerplus Corp (ERF.TO) gained 4 to 7%.

Technology stocks Shopify Inc (SHOP.TO), Enghouse Systems (ENGH.TO), Lightspeed Pos (LSPD.TO), Kinaxis Inc (KXS.TO), Docebo Inc (DCBO.TO), CGI Group Inc (GIB.A.TO) and Constellation Software (CSU.TO) shed 2.8 to 5%.