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The close: TSX retreats from hefty gain as energy shares weigh

A TSX tote board is pictured in Toronto, on Dec. 31, 2012. The Toronto Stock Exchange's S&P/TSX composite index was down 45.82 points to 15,196.06, after 90 minutes of trading.THE CANADIAN PRESS/Frank Gunn

The Canadian Press

Canada's main stock index fell modestly on Tuesday, pausing after racking up a hefty gain in the previous session, as industrial and energy shares fell along with the price of oil.

The Toronto Stock Exchange's S&P/TSX composite index ended down 25.41 points, or 0.17 per cent, at 15,216.47.

On Monday, the index posted its biggest one-day gain since July 2016, with all 10 sectors in positive territory as global stocks, oil and metals rebounded following a brutal week.

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Canadian National Railway was among the biggest drags on the index, losing 1.6 per cent to C$95.28. The industrials sector fell 0.3 per cent.

The energy group , which accounts for about a third of the index, retreated 0.8 per cent as U.S. crude oil prices settled down 10 cents at $59.19 a barrel on concerns of oversupply.

In Toronto, Encana Corp declined 2 per cent to C$13.40, while Imperial Oil fell 2.7 per cent to C$34.40.

NuVista Energy bucked the energy trend to rise 3 per cent to C$7.83 after Eight Capital and Raymond James raised their target prices.

Mining company First Quantum Minerals was the biggest percentage gainer, jumping 7.7 per cent to C$20.22 after Eight Capital and Raymond James raised their target prices, although Berenberg cut its target.

The Toronto Stock Exchange posted four new 52-week highs and nine lows. Volume on the TSX index was 219.33 million shares.

Wall Street ends up for third straight session; investors lock on inflation data

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Wall Street climbed on Tuesday for a third straight session, buoyed by Amazon.com and Apple, while investors focused on inflation data on Wednesday that could upset the market's fragile recovery – or clear the way for additional gains.

Amazon.com rose 2 per cent while Apple added 1 per cent, both helping the S&P 500 shake off a negative open to the session and climb 0.26 per cent by the close.

Investors said data on U.S. consumer prices and retail sales due out on Wednesday will be key to where stocks move in the short term. Inflation and interest-rate fears sparked a stock market rout after U.S. jobs data was released on Feb. 2.

Rob Haworth, a senior investment strategist at U.S. Bank Wealth Management, said the market's recovery from a negative start earlier in the session was a good sign, but that it remained too soon to predict the market's return to stability.

"We think we're going to be volatile for a few more trading days at least, as the market sorts out what's really been going on," Haworth said.

Among the biggest movers was sportswear retailer Under Armour, up more than 17.36 per cent on strong quarterly sales, and AmerisourceBergen, up 9.30 per cent after the Wall Street Journal reported Walgreens was seeking to buy out the drug distributor.

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Cleveland Fed President Loretta Mester, a voting member in the central bank's rate-setting committee this year, said the recent stock market sell-off and jump in volatility will not damage the economy's overall strong prospects.

Following a slump into correction territory last week, the S&P 500 has recovered 3.2 per cent in the past three session. It remains down 7.3 per cent from a record high on Jan 26 and is currently priced at levels first reached in early December.

The Dow Jones Industrial Average rose 0.16 per cent to end at 24,640.45 points, while the S&P 500 gained 6.94 points to close at 2,662.94.

The Nasdaq Composite added 0.45 per cent to 7,013.51.

Nine of the 11 major S&P indexes rose, led by real estate, up 0.54 per cent.

Benchmark U.S. 10-year Treasury yields dipped to 2.842 per cent, shy of a four-year peak of 2.9020 per cent hit on Monday.

The CBOE Volatility Index, a widely-followed measure of short-term stock volatility and seen as a contributing factor itself to the sell-off, was last at 25.3 points, half the 50-point mark it touched last week.

Following Wall Street's recent swings, the S&P 500 is down 0.4 per cent for the year. The tech-heavy Nasdaq is up 1.6 per cent in 2018.

On a day of heavy trading in healthcare companies, Henry Schein and Patterson Companies fell 6.64 per cent and 5.19 per cent, respectively, after news of a U.S. Federal Trade Commission complaint against the dental supply firms.

Investors in those and other healthcare distributors are weighing the possible ramifications of the AmerisourceBergen deal and a report of Amazon's push into the sector.

Of the 70 per cent of the S&P 500 companies that have reported earnings, nearly 78 per cent of them topped profit expectations, according to Thomson Reuters data. That is above the 72 per cent average beat-rate in the past four quarters.

Advancing issues outnumbered declining ones on the NYSE by a 1.31-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured advancers.

About 6.4 billion shares changed hands in U.S. exchanges on Friday, below the 8.4 billion daily average over the last 20 sessions.

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