06/21/2011 04:53 EDT | Updated 08/21/2011 05:12 EDT

Greek Confidence Vote Pushes TSX Higher At Close


THE CANADIAN PRESS -- TORONTO - The Toronto stock market closed sharply higher as traders felt positive about the outcome of a crucial confidence vote for the Greek government.

The S&P/TSX composite index ran ahead 205.62 points to 13,063.32 while the Canadian dollar gained 0.82 of a cent to 102.84 cents US.

Greek Prime Minister George Papandreou’s new government needs to win this confidence vote.

Otherwise it would throw into question whether it can pass a critical new austerity bill by the end of the month, meaning it woouldn't get the next instalment of its bailout and the country needs those funds to avoid default.

Oil was up 14 cents at US$93.40 a barrel.

The Dow Jones industrial average was ahead 109.63 points to 12,190.01.

The Nasdaq composite index improved by 57.6 points to 2,687.26, while the S&P 500 index was up 17.16 points 1,295.52.