Greek drama drives TSX down more than 300 points

Greek drama drives TSX down more than 300 points

New York markets also plunged


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TORONTO – The Toronto Stock Exchange tumbled more than 300 points, joining a global retreat on equity markets sparked by the Greek debt crisis and fears over its possible effects on the euro and world economy.

Canada’s main index closed down 317.94 points at 14,490.15 in a decline that was enough to more than erase the last of its gains for the year to date.

New York markets also took it on the chin, with the Dow Jones Industrial average plunging 350.33 points to 17,596.35, also well below its starting point for the year.

Meanwhile, the Nasdaq plummeted 122.04 points to 4,958.47, while the S&P 500 fell 43.85 points to 2,057.64.

On commodity markets, the August oil contract lost $1.30 to US$58.33 a barrel, but gold, seen as a safe haven in times of economic turmoil, saw prices rise, with the August contract adding $5.80 to US$1,179 an ounce.

The loonie was off 0.50 of a U.S. cent at 80.70 cents.