North American stock markets closed sharply lower following a big sell-off on Chinese markets and continuing uncertainty over Greece’s debt woes.
The decline came as an unspecified technical glitch halted trading on the New York Stock Exchange for more than three hours before it resumed trading.
Toronto’s S&P/TSX composite index plunged 212.43 points to end at 14,412.07, with all sectors lower.
The Canadian dollar was down 0.18 of a U.S. cent at 78.49 cents US.
On the economic beat, Statistics Canada reported this morning that the total value of building permits fell 14.5% to $6.7 billion in May, following two months of double-digit gains. Declines were recorded in five provinces, led by Ontario, which had posted a notable increase the previous month.
ON BAYSTREET
The TSX Venture Exchange dropped 15.14 points to 637.69.
All 14 TSX subgroups faded, with global base metals down 4%, metals and mining off 3%, and energy 2.2% less energetic.
ON WALLSTREET
In New York, the Dow Jones industrial average fell even more, down 261.49 points at 17,515.42, while the NASDAQ plummeted 87.70 points to 4,909.76 and the S&P 500 fell 34.65 points to 2,046.69.
Earnings season unofficially begins with Alcoa reporting after the market close.
The Greek government has until Friday morning to present detailed reform proposals to allow a bailout deal by a Sunday summit.
Greek Prime Minister Alexis Tsipras addressed the European Parliament on Wednesday, lambasting Europe's advocacy of austerity and the efficacy of Greece's bailout programs since 2010, but promised a detailed, "concrete" deal would be presented in the next two to three days.
Prices for 10-year U.S. Treasuries gained ground, lowering yields to 2.20% from Tuesday’s 2.27%. Treasury prices and yields move in opposite directions.
Oil prices fell 57 cents a barrel to $51.76 U.S.
Gold prices hiked $6.30 at $1,160.40 U.S. an ounce.
