TSX seesaws as U.S. stocks keep sliding

The Toronto stock market seesawed between a gain and a loss Wednesday, as U.S. markets ground lower amid concerns about Europe's debt crisis as a political deadlock continued in Greece.

The S&P/TSX composite index was down two points at 11,703 at midday, after falling almost five per cent since last Wednesday.

The Canadian dollar fell below parity, dropping 0.39 of a cent to 99.78 cents US.

In New York, the Dow Jones industrial average fell 91 points, or 0.7 per cent, to 12,841.

The Nasdaq composite index dropped 15 points, or 0.5 per cent, to 2,931 and the S&P 500 index lost nine points, or 0.6 per cent, to 1,355.

"Fear over the potential for a Greek exit from the euro continues to weigh on most assets," said a commentary from Barclays Capital.

Greece's coalition talks remained deadlocked Wednesday, with socialist leader Evangelos Venizelos saying at midday ET that no success had been made in the process of forming coalition government so far.

Earlier, conservative leader Antonis Samaras denounced calls by the head of the radical left party to reject the country's international bailout.

Alexis Tsipras, whose Radical Left Coalition came a surprise second in Sunday's election, has been tasked with seeking partners for a governing coalition after Greeks deserted the two main parties in droves, angry at the pain that harsh austerity cuts have brought.

Tsipras was to meeting both Samaras ? who heads the conservative New Democracy party that placed first with 18.9 per cent and 108 seats in the 300-member parliament, and Venizelos Wednesday, as well as other party leaders.

Samaras himself failed to hammer out a coalition on Monday. If Tsipras also fails, the job will move on to Venizelos, a former finance minister.

If no deal can be reached in the next few days, new elections will have to be called in the next month. The political uncertainty is causing consternation among Greece's international creditors, who say the country must stick to the cost-cutting terms of its multibillion bailout.

The June crude contract on the New York Mercantile Exchange extended a weeklong slump, declining one dollar to $96.01 US a barrel after reaching a 2012 low of $95.77 earlier in the session. The U.S. Energy Department reported crude inventories rose by 3.7 million barrels last week, suggesting weak demand.

The American Petroleum Institute said late Tuesday that crude inventories rose 7.8 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted an increase of 2.2 million barrels.

Crude has dropped from $106 last week amid signs the U.S. and European economies may expand less than previously expected this year. Despite the recent sharp pullback in oil prices, some analysts say crude still trades above the level supply and demand fundamentals would suggest.

"Over the past months, stockpiles around the globe have continued to grow as the world's largest producers (the U.S., Saudi Arabia and Russia) continue to pump at or near record levels," energy analyst Richard Soultanian of NUS Consulting said in a report.

"The markets are extremely well supplied and demand, as a result of slow growth in the U.S., recession in Europe and slowing growth in Asia, remains tepid."

July copper fell two cents to $3.65 US a pound.

June bullion prices retreated, sliding $14.50 to $1,590.00 US an ounce.

The euro fell 0.43 per cent to $1.29 US.

European markets closed mixed, with London's FTSE 100 index down 0.44 per cent, Frankfurt's DAX up 0.47 per cent and the Paris CAC 40 down 0.20 per cent.

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