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Wall Streets falls despite Cyprus deal


NEW YORK (AP) — U.S. stock markets closed lower Monday, hurt by worries about Europe’s economy despite a bailout of Cyprus.

The Dow Jones industrial average fell 64 points, or 0.4 percent, to 14,447 at the close of trading on Monday.

The Standard & Poor’s 500 Index fell five points, or 0.3 percent, to 1,551. The Nasdaq slipped nine points, or 0.3 percent, to 3,235.

Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the Standard & Poor’s 500 index to within a half-point of its all-time high in early trading, but stock markets soon turned negative.

By day’s end, declining stocks led advancing ones on the New York Stock Exchange, with decliners totaling 1,782 and advancers totaling 1,221.

Wall Street had opened higher, following markets in Europe and Asia. Traders were relieved that international lenders agreed early Monday to release 10 billion euros ($13 billion) of emergency rescue funds for Cyprus.

The European Central Bank will continue to support the nation’s foundering banks. In exchange, Cyprus will shrink its banking industry, cut its budget, implement economic reforms and privatize some state assets. The measures will result in heavy losses for its banks’ bondholders and people with large deposits in bank accounts.

The deal to save Cyprus’ banks erased a source of anxiety for investors, who have traded for more than three years under the cloud of a debt crisis in Europe.


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