Wall Street Falls As Optimism Fades Over Cyprus Bailout Deal

Category: Economy / Mar 25, 2013 12:15PM EDT
Wall Street fell early on Monday after initial optimism over a Cyprus Bailout deal faded, as the Eurozone finance ministers spared the country from financial meltdown. At the last-minute, Cyprus and international lenders agreed on a bailout deal early Monday, clearing the way for the nation to receive 10 billion euros ($13 billion) in financing. Under the terms of the agreement, two of the country’s largest banks will be restructured -- the Popular Bank of Cyprus, also known as “Laiki Bank,” and Bank of Cyprus. In addition, deposits larger than €100,000 at both banks will be subject to a levy. The Dow Jones industrial average .DJI fell 4.55 points, or 0.03 percent, at 14,507.48. The Standard & Poor's 500 Index .SPX edged up 2.79 points, or 0.18 percent, at 1,559.68. The Nasdaq Composite Index .IXIC rose 5.60 points, or 0.17 percent, at 3,250.59. (Video Source: REUTERS)