Market action will likely be sluggish Monday with U.S markets closed to celebrate Independence Day.

Oil prices edged higher in European trading. Crude for August delivery gained 6¢ to US$57.60 in afternoon electronic trading on London’s International Petroleum Exchange.

In economic news, the Bank of Canada issues its business outlook survey later this morning. The central bank makes its next interest-rate announcement on July 12.

In business news, O&Y Real Estate Investment Trust today announced that it has extended the deadline for receipt of proxies in respect its annual and special meeting of unitholders to be held on Thursday, July 7.

O&Y REIT is asking unitholders to approve Brookfield Properties’ acquisition of the company.

Canadian markets were closed Friday for Canada Day.

On Thursday, the S&P/TSX composite index tumbled after the U.S. Federal Reserve raised its key interest rate a quarter point and indicated that it wasn’t likely to move off its current policy of measured hikes.

The Fed raised its interest rate to 3.25%, its ninth consecutive increase.

The S&P/TSX composite index finished down 126.56, or 1.26%, to close 9,902.77. For the week, the TSX benchmark lost 0.9%.

On Wall Street, U.S. markets recovered slightly Friday from a big drop the previous session.

The Dow Jones industrial average rose 28.47 points to close at 10,303.44. The tech-heavy Nasdaq composite index gained 0.41 to close at 2,057.37 and the S&P 500 rose 3.11 to end at 1,194.44.

For the week, the Dow ended up 0.05%, the S&P 500 edged up 0.24% and Nasdaq crept up 0.20%.