U.S. shares down as Europe afraid of losses on deposits

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Source: Dukascopy Bank SA
U.S. stocks dropped on rising concerns that the Cyprus's banking system's restructuring plan will cause losses on deposits in other European banks as well. The S&P 500 Index declined 0.3% to 1,551.69 after surging 0.5% earlier. All sectors in the gauge posted losses. Ebay Inc. lost 3.7% for the biggest slump in the index, as investors became cautious about a possible update in tax regulation for online sales. Red Hat, the largest Linux operating system software seller, followed with a 3.6% decline to $48.99 after the company's stock rating was downgraded to market perform by Michael Turits at Raymond James & Associates Inc. Textron Inc. was the third biggest loser, as it slipped 3.5% to $29.69 and paced losses in industrial sector that was 0.8% down. Among best performers was Apollo Group that jumped 7.1% to $18.25, as the company posted higher than expected second-quarter earnings and sales.

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Tue, 26 Mar 2013 08:56:01 GMT

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