(RTTNews) - After seeing considerable volatility early in the session, Canadian stocks spent much of Tuesday's trading in the red but regained ground going into the end of the day.

The benchmark S&P/TSX Composite Index edged down 29.59 points or 0.1 percent to 35,460.27, closing well off its lows of the session. The index still ended the day at a nearly two-month closing low.

The modest lower close by the index came amid substantial weakness among telecom stocks, with the S&P/TSX Capped Communications Index tumbling by 2.2 percent.

A steep drop by the price of crude oil also weighed on energy stocks, as reflected by the 1.3 percent loss posted by the S&P/TSX Capped Energy Index.

After surging by as much as 2.3 percent earlier in the day, U.S. crude oil futures are currently plunging by 3.7 percent.

On the other hand, technology stocks showed a significant move to the upside, driving the S&P/TSX Capped Information Technology Index up by 1.7 percent.

In economic news, Statistics Canada released a report showing Canadian real gross domestic product was essentially unchanged in July, following three consecutive months of expansion.

The report goods-producing industries grouping was essentially unchanged in July as increases in construction and utilities were offset by declines in the other sectors comprising the aggregate.

The services-producing industries aggregate was also essentially flat, as increases across several sectors were offset by declines in retail trade and wholesale trade, Statistics Canada said.