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US stocks slip as Europe worries resurface

NEW YORK (AP) — Worries about Europe are sending stocks slightly lower as investors look to see whether Cyprus can stave off panic when its banks reopen.

They are also keeping an eye on Italy, where political parties are struggling to form a new government.

The Dow Jones industrial average was down 36 points, or 0.3 percent, at 14,523 at noon Wednesday. The index rallied 111 points Tuesday on better U.S. housing news.

The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,560. The Nasdaq composite fell five points, 0.1 percent, at 3,248.

Cyprus is working out details for how to reopen its banks after a nearly two-week shutdown. An international bailout agreement calls for large deposits to be used to help pay for the rescue of its banking system.

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