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Market upswing crumbles Monday

NEW YORK, March 25 (UPI) — U.S. stock indexes dropped Monday morning after investors took a second glance at a bailout deal for Cyprus.

Stocks followed European markets higher in early trading. But the deal hamstrings Cyprus with tough provisions, including a levy on bank deposits of $130,000 or higher, temporary controls on money transfers and the closure of the country’s second largest bank.

Wall Street quickly soured on the deal, as the details became known.

On Wall Street in late morning trading, the Dow Jones industrial average shed 71.26 points, or 0.49 percent, to 14,440.77. The Nasdaq gave up 11.48 points, or 0.35 percent, to 3,233.52. The Standard and Poor’s 500 dropped 4.40 points, or 0.28 percent, to 1,552.49.

Ten-year U.S. treasury bonds rose 5/32 to yield 1.914 percent.

Against the dollar, the euro was at $1.288 from Friday’s $1.2948. Against the yen, the dollar was higher at 94.45 yen from 94.41 yen.

In Tokyo, the Nikkei 225 index added 207.93 points, 1.69 percent, 297.16 points, to 12,546.46.

Copyright 2013 United Press International, Inc. (UPI).

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