Canada's S&P/TSX Composite Index Closes Slightly Higher

(RTTNews) - Following the pullback seen in the previous session, treasuries moved back to the upside during trading on Thursday before giving back ground going into the close.

The benchmark S&P/TSX Composite Index pulled back well off its highs of the session, ending the day up just 14.84 points or 0.1 percent at 25,854.01.

The strength that emerged in mid-day trading came as U.S. treasury yields gave back ground after recently surging due in part to concerns about the fiscal impact of a Republican tax cut bill.

The downturn by treasury yields generated some positive sentiment on Bay Street, but buying interest waned going into the end of the day.

The tax cut bill passed the GOP-controlled House in a largely party-line vote early this morning, but analysts warn it could add trillions to the federal government's already massive debt. The plan has sparked fears of an even wider deficit, especially as interest payments continue to soar.

In a post on Truth Social, President Donald Trump called the bill "arguably the most significant piece of Legislation that will ever be signed in the History of our Country" and urged the Senate to send the bill to his desk as soon as possible.

Reflecting the lackluster close by the broader market, most of the major sectors ended the day showing only modest moves.