U.S. Stocks Post Flat Trading Day Partially Due to Financial Crisis in Cyprus

by Colonel on March 19, 2013

“Wall Street stocks seesawed on Tuesday before ending mixed after Cyprus legislators rejected a tax on savings to help pay for a bank bailout.

The Standard & Poor’s 500-stock index fell 0.2 percent by the close of trading, and the Nasdaq composite index dropped 0.3 percent, while the Dow Jones industrial average gained 3 points.

Investors took advantage of the unease in Europe to cash in some recent gains.

The overhanging concern was that account holders in other parts of Europe could make a run on their banks on concerns they will also be taxed to help their struggling economies, although no sign of a bank run or any proposal to tax accounts outside Cyprus appeared.

European bank shares extended their decline on Monday, as the sector’s index fell 2.2 percent. Market indexes overall were down from 0.3 percent to 2.2 percent in Europe.

” — Copyright 2013 Thomson Reuters

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