Stocks Ended Mostly Lower on Cyprus

U.S. stocks finished with limited losses on Wednesday after early losses spurred by worries about the possible implications of Cyprus’s bailout for other euro zone lenders. The Dow Jones Industrial Average fell 33.49 points, or 0.23%, to 14,526.16. The S&P 500 index shed 0.92 point, or 0.06%, to 1,562.85, leaving if 2.3 points from its all-time closing high. The Nasdaq Composite rose 4.04 points, or 0.12%, to 3,256.52.

Branches of the Bank of Cyprus and another Cypriot bank, Laiki, have remained open in Britain while banks on the island have been closed and they say their depositors have not been affected by the ‘hit’ that savers in Cyprus have taken.

AMR Corp (AAMRQ.PK), American Airlines’ bankrupt parent, on Wednesday received court approval to merge with US Airways Group Inc (LCC.N) and create the world’s largest airline.

Wells Fargo & Co said on Wednesday that customers had experienced problems early in the day using their debit cards but the “technical glitch” that prevented use of the cards had been fixed.

Red Hat Inc. said Wednesday afternoon that earnings jumped for its fourth fiscal quarter, though revenue for the period came in slightly below Wall Street’s estimates. For the period ended Feb. 28, Red Hat (NYSE:RHT) reported net income of $43 million, or 22 cents a share, compared to net income of $36 million, or 18 cents a share, for the same period the previous year.

About the Author

has written 15679 stories on this site.

Write a Comment

Gravatars are small images that can show your personality. You can get your gravatar for free today!

You must be logged in to post a comment.

Copyright © 2012 Nine Stocks