| Business

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

Wall Street holds its own after Cyprus 'no' vote

Email Newsletters

Sign up for one of our email newsletters.

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

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.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Business Headlines

  1. Demand for surveillance systems boosts sales for Vector Security
  2. Fed slashes its emergency power options in crisis
  3. Stocks dip on lower holiday spending fears
  4. Distractions can help keep riders alert in self-driving cars, study finds
  5. IMF adds China’s yuan to basket of top currencies
  6. Cyber Monday increasingly a ‘blah-iday’ as deals rolled out earlier, longer
  7. Pennsylvania Game Commission reaps revenue from shale gas under game lands
  8. Program lets public service workers be forgiven for student debt
  9. Yahoo investors losing patience with ‘star’ CEO Marissa Mayer
  10. University of Pittsburgh researchers revisit war of electric currents
  11. Energy Spotlight: Minking Chyu