Arab Today, arab today us stocks tumble as market digests cyprus deal
Last Updated : GMT 09:44:41
Arab Today, arab today
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US stocks tumble as market digests Cyprus deal

Arab Today, arab today

Arab Today, arab today US stocks tumble as market digests Cyprus deal

New York - AFP

US stocks tumbled Monday after a top European finance official suggested that the Cyprus bailout framework could serve as a template for other European bank crises. The Dow Jones Industrial Average was down 64.28 (0.44 percent) to 14,447.75. The broad-based S&P 500, which had been within striking distance of an all-time high, dropped 5.20 (0.33 percent) to 1,551.69. The tech-rich Nasdaq Composite Index finished 9.70 (0.30 percent) lower at 3,235.30. Stocks opened the day higher after the Cyprus bailout plan was sealed overnight Sunday in an 11th hour deal. \"It\'s good news that disaster was avoided. But the bad news is that there\'s a cost to it,\" said Art Hogan of Lazard Capital Markets. But by midday, markets tumbled after Jeroen Dijsselbloem, who heads the eurozone finance ministers group, told the Financial Times that the costs of bank recapitalizations shouldn\'t fall on the public sector, but on bondholders, shareholders and, if necessary, uninsured deposit holders. Markets across Europe and in the US fell after the remarks, which were taken to suggest a new template for banking crises in other European countries. Dijsselbloem subsequently released a statement via Twitter that characterized Cyprus as a \"specific\" case. Trade was heavy in Dell as a bidding war emerged for the computer manufacturer, sending its shares up 2.6 percent to $14.51. Wall Street activist Carl Icahn and private equity firm Blackstone Group submitted rival offers to founder and chief executive Michael Dell\'s $24.4 billion bid to take the company private, valuing it at $13.65 per share. Discount retailer Dollar General Corp. gained 2 percent after besting earnings estimates and forecasting a strong year in 2013. The company projected same-store growth of four to six percent in 2013. Apollo Group, which provides online educational programs, jumped 7.1 percent after reporting earnings that beat expectations and sticking to its 2013 forecast. Blackberry shares fell 4.6 percent in the wake of the launch of its Z10 smartphone in the US market on Friday. Electronics Best Buy picked up 1.8 percent after announcing that founder Richard Schulze was returning to the company as chairman emeritus. Oracle dropped 2.3 percent after it announced it was purchasing Tekelec, a provider of network signaling and data management technology for an undisclosed sum. Biotechnology company United Therapeutics Corp. lost 2.2 percent after the Federal Drug Administration declined to approve a new drug for treating pulmonary arterial hypertension. Bond prices were unchanged from Friday. The yield on the 10-year Treasury remained at 1.92 percent, while the 30-year stood at 3.14 percent. Bond prices move inversely to yields.

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