Stocks falter following Cyprus's bailout plan

Monday - 3/18/2013, 4:33pm EDT

Traders work on the floor of the New York Stock Exchange Friday, March 15, 2013. U.S. stock markets are opening lower, threatening to end the Dow's winning streak at 10 days. 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. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are closing 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.

European markets also declined.

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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