Weakness Among Gold Stocks Contributes To Pullback On Bay Street

(RTTNews) - Canadian stocks moved to the downside during trading on Thursday, giving back ground following the rebound seen in the previous session.

After ending Wednesday's trading at a record closing high, benchmark S&P/TSX Composite Index fell 84.26 points or 0.4 percent to 23,037.47.

The pullback by Canadian stocks may have reflected profit taking, as traders cashed in on recent strength despite optimism about a U.S. interest rate cut next month.

Considerable weakness among gold stocks also weighed on the markets, with the S&P/TSX Global Gold Index tumbling by 2.0 percent.

The slump by gold stocks came as the price of the precious metal saw a steep drop, pulling back further off the record highs seen on Tuesday.

Technology stocks also showed a significant move to the downside, dragging the S&P/TSX Capped Information Technology Index down by 1.5 percent.

Most of the other major sectors showed more modest moves on the day ahead of the Kansas City Federal Reserve's Jackson Hole Economic Symposium, which gets underway later in the day.

Fed Chair Jerome Powell is scheduled to speak at the symposium in Jackson Hole, Wyoming, on Friday, with traders looking for the central bank chief's comments to provide further clarity about the outlook for interest rates.