Canadian Stocks Show Modest Move To The Downside

(RTTNews) - Canadian stocks moved mostly lower over the course of the trading session on Thursday, dragging the benchmark S&P/TSX Composite Index down by 72.89 points or 0.3 percent to 26,210.56.

The modest pullback by the S&P/TSX Composite Index came after it inched up to a new record closing high during Wednesday's session.

The weakness on the day came despite news that a federal court blocked President Donald Trump's "reciprocal tariffs" on imports from U.S. trade partners from going into effect.

The Court Of International Trade ruled Trump overstepped his authority to impose the tariffs by invoking emergency economic powers.

"The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs," the three-judge panel wrote.

The judges also said tariffs on Canada, Mexico and China related to drug trafficking "fail because they do not deal with the threats set forth in those orders."

The Trump administration immediately appealed the decision, with an appeals court temporarily pausing the lower court's ruling later in the day.