STOCKS FALL, STILL NO CYPRUS DEAL: Here's What You Need To Know

cyprus

Stocks fell after fresh jitters out of Cyprus.

First the scoreboard:

Dow: 14,396, -115.9 pts, -0.7 per cent
S&P 500: 1,547, -11.3 pts, -0.6 per cent
NASDAQ: 3,224, -29.0 pts, -0.8 per cent

And now the top stories:

  • The situation in Cyprus continues to deteriorate by the minute.  A spokesperson for Cyprus Popular Bank announced it was limiting ATM withdrawals to 260 euros.  This came after Bloomberg reported that the bank had “enough liquidity to cover the next few hours.”  Meanwhile, Cypriot legislators continues to scramble to structure a new bank bailout deal.
  • U.S. weekly initial jobless claims climbed to just 336,000 from 334,000 last week.  Economists were looking for the number to jump to 340,000.  This was welcome news as America’s labour market slowly improves.
  • The closely watched Philly Fed Business Outlook Survey unexpectedly jumped to 2.0 in March from -12.5 in February.  Economists were looking for a more modest improvement to -3.0.  The positive numbers suggests business is expanding in the region.
  • Don’t Miss: The Ultimate Visual Representation Of America’s Boom, Collapse And Epic Comeback >

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