Canadian Stocks Bouncing Back To New Record Highs

(RTTNews) - Following the pullback seen during last Friday's session, Canadian stocks have moved back to the upside during trading on Monday.

The benchmark S&P/TSX Composite Index is climbing 130.58 points or 0.5 percent to 26,634.93, more than offsetting the previous session's loss to reach a new record intraday high.

The strength on Bay Street comes despite the ongoing clash between Israel and Iran, as traders appear optimistic the conflict will remain relatively contained.

A report from the Wall Street Journal citing Middle Eastern and European officials said Iran has been urgently signaling that it seeks an end to hostilities and resumption of talks over its nuclear programs.

Technology stocks are leading the way higher after falling sharply last Friday, driving the S&P/TSX Capped Information Technology Index up by 1.7 percent.

Financial and consumer discretionary stocks are also seeing strength on the day, while energy stocks are giving back ground along with the price of crude oil.

Crude for July delivery is tumbling $2.35 to $70.63 a barrel after spiking $4.94 to $72.98 a barrel last Friday after Israel launched its initial airstrikes against Iran.