State and Nation Business

Stocks falter following Cyprus’s bailout plan

Traders work on the floor of the New York Stock Exchange Friday, March 15, 2013. Stocks around the world fell sharply Monday March 18, 2013 as investors gave their initial verdict to a weekend plan to tax depositors in Cypriot banks as part of a bailout of the Mediterranean island nation.
Traders work on the floor of the New York Stock Exchange Friday, March 15, 2013. Stocks around the world fell sharply Monday March 18, 2013 as investors gave their initial verdict to a weekend plan to tax depositors in Cypriot banks as part of a bailout of the Mediterranean island nation.

NEW YORK – Stocks are closed moderately lower on Wall Street as investors worried that a controversial proposal to seize money from depositors in Cyprus could set off another bout of anxiety over Europe’s shared currency.

The Dow Jones industrial average fell 62 points, or 0.4 percent, to 14,452 Monday. It had plunged as much as 110 points in the early going, briefly turned positive in the afternoon then fell back again in the last hour of trading.

The Standard & Poor’s 500 fell eight points, or 0.6 percent, to 1,552. The Nasdaq composite dropped 11 points, or 0.4 percent, to 3,237.

Three stocks fell for every two that rose on the New York Stock Exchange. Volume was 3.1 billion shares, lighter than average.

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