Markets made a modest move today as headlines crossed out of Cyprus.
First the scoreboard:
Dow: 14,452, +0.1 pts, +0.0 per cent
S&P 500: 1,546, -5.6 pts, -0.3 per cent
NASDAQ: 3,224, -13.4 pts, -0.4 per cent
And now the top stories:
- Cyprus spent most of the day mulling over a controversial bank bailout deal, that was to tax all of its bank depositors. Eventually, they voted it down. In fact, the deal got zero votes in favour. Back to the drawing board.
- After we learned the deal was struck down, the European Central Bank (ECB) reiterated its position that it would provide liquidity to Cyprus within the existing rules governing the bank. Markets rallied a bit on this reassurance.
- In U.S. economic news, we learned that housing starts climbed 0.8 per cent to an annualized rate of 917,000 in February. This was higher than the 915,000 economists were looking for. Furthermore, the January number was revised up to 910,000. So, the U.S. housing recovery continues.
- Shares of Lululemon tumbled today. The yoga pants maker recalled some pants.
- Don’t Miss: SHALE BOOM: Why Fracking Is An Economic Game-Changer That Can’t Be Overhyped >
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