Stocks slide on worry over euro crises
Traders Andrew Silverman, left, and Daniel Ryan work on the floor of the New York Stock Exchange last week. Investors breathed a sigh of relief March 25 after Cyprus clinched a bailout deal with international creditors that will prevent it from becoming the first country to ditch the euro -- a prospect that could have worsened the crisis afflicting Europe's single currency. (March 19, 2013) Credit: AP
Stocks reversed an early rise on Wall Street Monday as traders returned to worrying about the European economy.
Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the Standard & Poor's 500 index to within a quarter-point of its record closing high, but stocks soon turned negative.
The S&P 500 fell 0.33 percent to 1,551.69. The Nasdaq composite index was off 0.30 percent to 3,235.30. The Dow Jones industrial average dropped 64.28 points to close at 14,447.75.
Stocks turned negative about an hour into the trading day Monday as the initial euphoria about Cyprus' deal to secure 10 billion euros in emergency funding was overshadowed by renewed concerns about the European economy.
The fear intensified after a top European official indicated that investors in struggling banks may be forced to take losses -- an element of the Cyprus agreement that had previously been seen as unique to that country.
Europe still needs a long-term economic fix, said David Kelly, chief global strategist at J.P. Morgan Funds. Business activity in the 17 nations using the euro has declined continually since September 2011, according to research by Markit, a data provider. -- AP
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Thieves steal hundreds of toys ... Woman critically hurt in hit-and-run ... Rising beef prices ... Out East: Nettie's Country Bakery
