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Market upswing erodes Monday

NEW YORK, March 25 (UPI) — U.S. stock indexes dropped Monday 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.

By close of trading Monday, the Dow Jones industrial average shed 64.28 points, or 0.44 percent, to 14,447.75. The Nasdaq gave up 9.70 points, or 0.3 percent, to 3,235.30. The Standard and Poor’s 500 dropped 5.20 points, or 0.33 percent, to 1,551.69.

On the New York Stock Exchange, 1,241 stocks advanced and 1,788 declined on a volume of 3.1 billion shares traded.

Ten-year U.S. treasury bonds rose 2/32 to yield 1.924 percent.

Against the dollar, the euro was at $1.2852 from Friday’s $1.2948. Against the yen, the dollar was lower at 94.16 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.

In London, the FTSE 100 index dropped 0.22 percent, 14.38 points, to 6,378.38.

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

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