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TSX, Wall Street regain ground after yesterday’s slaughter

U.S. stocks opened higher on Tuesday, rebounding from Monday\'s losses, as investors hoped Greece would strike a last-minute deal to avoid an exit from the eurozone.

TORONTO – The Toronto stock market pushed ahead with gains at the end of morning trading as Greece inched for the default deadline on its loan to the International Monetary Fund.

The S&P/TSX composite index moved higher towards midday, rising 66.17 suggests 14,556.32, as the loonie traded at 80.13 cents US, down 0.57 of the U.S. cent.

 

Traders appeared mostly unfazed through the looming midnight cutoff in Greece, which implies that at this time few expect a result any more negative than has already been being anticipated.

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The Dow Jones Industrial average rose 58.56 points to 17,654.91, as the Nasdaq increased 24.39 points to 4,982.85 and the S&P 500 picked up 7.72 points to 2,065.36.

Oil prices made some advancement, using the August contract lifting 47 cents to US$58.80 a barrel while the August gold contract fell $10.70 to US$1,168.30 an oz.

Statistics Canada reported the latest real GDP figures, showing that Canada\’s economy was pulled down 0.1 per cent in April, affected by weakness in the mining and energy sectors.

Riding the ultimate hours of Greece\’s midnight deadline, 19 finance ministers from the eurozone plan to meet Tuesday evening to evaluate the latest proposals from Athens that would keep the bailout talks continuing to move forward.

Eurozone top official Jeroen Dijsselbloem said the ministers will come across five hours prior to the European a part of Greece\’s bailout program expires.

Wall Street suffered its worst session of the year on Monday as the Toronto stock exchange faced a similarly deep plunge – the worst since dropping almost 361 points on Jan. 5.