U.S. shares down on Monday amid tax levy for Cyprus

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Source: Dukascopy Bank SA
U.S. equities declined on Monday on a tax levy imposed by the Eurozone's policy makers on customer deposits held in Cypriot banks. The decision raised concerns over the area's debt crisis sharpening once again. The S&P 500 retreated 0.6% to 1,552.10. All but one sectors in the index inched lower. Helmerich & Payne Inc. posted biggest decrease in the gauge, as it closed at $62.60, down 5.52%, and paced losses in the oil and gas sector. The largest oil-services company in the world fell after announcing its reduced activity in Venezuela, as the state-owned Petroleum de Venezuela SA struggles with paying to it. Nabors Industries Ltd followed with a 3.5% drop to $16.64, also adding to losses in the oil and gas group. Among top performers was J.C. Penney Company Inc. that jumped 6.2% on speculation the department store might become something similar to a real estate investment trust entity.

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