Dow erases gains on concerns about European banks

Source: Dukascopy Bank SA
Most U.S. blue chips fell on Monday amid concerns that the banking crisis in Cyprus will induce losses on deposits held in other banks of Europe. Shares dropped after Jeroen Dijsselbloem told press that when struggling banks need rescuing, the Eurozone policy makers will turn to the shareholders, bondholders and uninsured depositors of banks to fund their recapitalization. The Dow Jones Industrial Average retreated 0.4%, or 64.28 points, to 14,447.75. All but one sector inched lower. Bank of America led losses in financial shares, as it tumbled 1.3% to $12.40. 3M Co was among other top losers, as it erased 1.2% to drag down industrial shares that were 0.8% lower. Wal-Mart Stores rallied the most in the gauge, as it closed at $74.85, 0.8% up, even though the company now struggles with restocking challenge and declining sales due to insufficient number of store workers.

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Tue, 26 Mar 2013 14:41:10 GMT

Copper rises before U.S. data on Tuesday

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Tue, 26 Mar 2013 13:31:12 GMT

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