May 23, 2013
Wall Street falls as banks slide on European worries
US stocks fell today as a divisive bailout plan for Cyprus knocked bank stocks lower on the view that the plan's tax on bank deposits could spread and threaten stability in the euro zone.
The Dow Jones industrial average was down 53.76 points, or 0.37 percent, at 14,460.35. The Standard & Poor's 500 Index was down 10.44 points, or 0.67 percent, at 1,550.26. The Nasdaq Composite Index was down 21.43 points, or 0.66 percent, at 3,227.64.
European shares pared early losses today as policymakers raced to revise a radical bailout plan for Cyprus that threatened to spark a fresh leg to the euro zone's crisis.
After falling more than one percent in early trades, the FTSEurofirst 300 was down 0.7 percent at 1,194.68, led by a 2.2 percent decline in banking stocks - some of the strongest performers in recent months.
The FTSEurofirst 300 last week reached a 4-1/2 year peak, stepping into "overbought" territory on the 14-day Relative Strength Index, a momentum indicator.