Markets opened deep in the red with the Dow down by as much as 120 points. But stocks slowly grinded higher.
First the scoreboard:
Dow: 14,526, -33.5 pts, -0.2 per cent
S&P 500: 1,562, -0.9 pts, -0.0 per cent
NASDAQ: 3,256, +4.0 pts, +0.1 per cent
And now the top stories:
- In case you haven’t been following, the S&P 500 just just a handful of points from its all-time high of 1,565.
- The U.S. markets actually began the day deep in the red. Much of the bad news was coming out of Europe where Italy is in disarray and Cyprus makes plans to reopen its banks tomorrow.
- For the next seven days, Cypriot bank account holders will not be able to cash any checks, however they will be welcome to make deposits. Also, all card transactions will be capped at 5,000 euros. These capital controls are intended to prevent a run on the banks, which would be devastating for the very financial system that Europe is trying to preserve.
- “The Troika have managed to exponentially increase concerns on how safe retail deposits are in the eurozone,” wrote Societe Generale strategist Albert Edwards. “It matters not that the final Cypriot bailout plan did not touch smaller savers unlike the original proposal of a 6¾% tax (haircut) for ALL deposits under 100,000 in ALL banks (including foreign bank subsidiaries). The fact that this plan was originally sanctioned, despite deposit insurance, will have shaken small saver confidence to the bone. It certainly has shaken my confidence.”
- Don’t Miss: At A Conference In Dubai, David Kotok Gave This Presentation On The Precarious State Of Global Monetary Policy >
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