(RTTNews) - Canadian equity benchmark S&P Composite Index tumbled on Wednesday due to heavy selling in the materials sector and weakness exhibited by several stocks from financials, utilities and consumer sectors. The mood in the market has turned bearish as a solution to the Middle East conflict remains elusive despite the much hyped "progress" in diplomatic efforts. Higher Treasury yields weighed as well on stocks. Oil's recovery after five successive days of losses triggered some buying in the energy sector. West Texas Intermediate Crude oil futures climbed to $92.89 a barrel, gaining 2.3%, after having tumbled to $88.71 a barrel earlier in the day. Oil prices recovered amid uncertainty about the reopening of the Strait of Hormuz.
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