US stocks fall, scuttling global rally, after bailout deal averts financial crisis in Cyprus

U.S. stocks are trading lower at midday after Cyprus secured a bailout to prevent the collapse of its banking system.

The news from Europe Monday gave stocks an early boost, but the indexes fell after about an hour of trading. European stocks closed lower after Wall Street’s gain evaporated.

The Dow Jones industrial average was down 58 points at 14,454 as of 11:35 a.m. Eastern time. The Standard & Poor’s 500 index was down three points at 1,553. The S&P 500 had risen to within a half-point of its record high before it reversed course. The Nasdaq was down nine at 3,236.

Dell shares were up 3 per cent on news of a bidding war between investors seeking to take it private.

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The Associated Press

Daniel Wagner

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