Concern over Europe woes weighs on Dow

A trader works on the floor of the A trader works on the floor of the New York Stock Exchange during late trading on Monday. U.S. stocks were poised to rise marginally on March 27. (March 25, 2013) Photo Credit: Getty Images

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Investors just can't get past Europe.

Renewed worries about the region's debt crisis weighed on the Dow Jones industrial average Wednesday, and held the Standard & Poor's 500 index back from reaching an all-time high.

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Investors are watching to see if Cyprus can shore up its banking system. They are also concerned about Italy, where political parties are struggling to form a new government.

The Dow fell 33.49 points to close at 14,526.16. It dropped as many as 120 points in morning trading then spent the rest of the day climbing back.

The S&P slipped 0.06 percent to 1,562.85, less than three points short of its all-time high set in October 2007. The Nasdaq rose 0.12 percent to 3,256.52.

Bad news from Europe and good news from the United States have tossed the stock market around over the past week. Stocks slumped Monday as Cyprus scrambled to rescue its banks. They rallied Tuesday on stronger home prices and a jump in factory orders.

"There are still plenty of worries about [Europe's] banking system," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade. "But the U.S. really is on a nice little roll." Kinahan said he thought the S&P 500 could make another run at its record high on Thursday.

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