Toronto stock market falters as Greek party leaders begin crucial debt talks

The Toronto stock market gave up early gains late morning Wednesday with commodity stocks losing early momentum.

Meanwhile, traders hoped that Greece is close to arriving at a deal that will see it get a crucial second bailout to stave off bankruptcy.

The S&P/TSX composite index lost 28.12 points to 12,484.3 while the TSX Venture Exchange was down 2.47 points to 1,660.87. Lower prices for oil and gold helped push the Canadian dollar down 0.14 of a cent to 100.34 cents US.

U.S. markets were mainly lower with the Dow Jones industrial average down 16.16 points to 12,862.04.

The Nasdaq composite index gained 2.9 points to 2,906.98 while the S&P 500 index dipped 0.07 of a point to 1,346.98.

Greece has been kept solvent for the last two years by €110 billion in international rescue loans.

But it needs to get its hands on another €130 billion.

Otherwise, it will not have enough money to pay off a big bond redemption on March 20.

From: Canadian Business