The Toronto stock market pushed ahead with gains in late morning trading as Greece inched towards the default deadline on its loan to the International Monetary Fund.
The S&P/TSX composite index moved higher towards midday, rising 66.17 points to 14,556.32, while the loonie traded at 80.13 cents US, down 0.57 of a U.S. cent.
Traders appeared mostly unfazed by the looming midnight cutoff in Greece, which suggests that at this point few expect an outcome any more negative than is already being anticipated.
The Dow Jones Industrial average rose 58.56 points to 17,654.91, while the Nasdaq moved up 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, with 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 ounce.
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 final hours of Greece’s midnight deadline, 19 finance ministers of the eurozone plan to meet Tuesday evening to assess the latest proposals from Athens that would keep the bailout talks moving forward.
Eurozone top official Jeroen Dijsselbloem said the ministers will meet five hours before the European part of Greece’s bailout program expires.
Wall Street suffered its worst session of the year on Monday while the Toronto stock market faced a similarly deep plunge — the worst since dropping almost 361 points on Jan. 5.