TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Wall Street holds its own after Cyprus 'no' vote

By The Associated Press
Tuesday, March 19, 2013, 6:09 p.m.
 

NEW YORK — The latest twists in Europe's debt drama weighed down the stock market Tuesday, offsetting more good news on the housing market.

The Dow Jones industrial average managed a gain of four points, while other indexes closed slightly lower. Investors were focused on Cyprus, where the Mediterranean country's lawmakers voted against a bailout plan for banks that would have called for raiding the savings accounts of ordinary citizens.

The Dow and other U.S. indexes started higher following a report of a surprisingly large increase in new home construction in February. The index gained as much as 62 points in morning trading.

The Dow rose 3.76 points, or 0.03 percent, to close at 14,455.82. The Standard & Poor's 500 fell 3.76 points, or 0.2 percent, to 1,548.34. The Nasdaq composite fell 8.50 points, or 0.3 percent, to 3,229.10.

Markets have been on a roll this year. The Dow is up 10.3 percent and broke through its previous all-time high on March 5.

The S&P 500 is up 8.6 percent in 2013 and is 1.1 percent away from its record close of 1,565.15 reached October 2007.

The Federal Reserve on Tuesday opened its second policy meeting of the year. On Wednesday, it will issue a policy statement and update its economic forecasts. Economists and investors don't expect the Fed to let up in its drive to keep stimulating the economy by keeping interest rates at historic lows.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Sears leaving Century III after 3 decades in West Mifflin
  2. Finleyville maker of luxury kids’ structures learns from housing bust
  3. Coal gathering opens with dour assessment, political vitriol
  4. Treasury plans steps to curb tax inversions
  5. Existing home sales fall in August, snapping streak of gains
  6. Mylan CEO Bresch sets sights on growth
  7. Balancing gas pipeline expansion, environmental unease a problem in Pa.
  8. Symposiums to spotlight Pittsburgh’s role as an energy powerhouse
  9. Stocks slip on China growth jitters
  10. More companies embrace exchanges to curb health care costs
  11. Range Resources to pay $4.15M fine, close old gas drilling impoundments
Subscribe today! Click here for our subscription offers.