Stocks dropped again today, but were off earlier lows as investors worried about Cyprus' plan to take money from bank deposits in order to find a bailout. Throughout the day, amendments to the original plan seemed to calm investors who were taken by surprise by the bold move. By the end of the trading session, the S&P 500 was down .6%, the Dow was down .45% and Nasdaq was down .47%.
Among losers on the Dow, JP Morgan Chase (NYSE:JPM), Boeing (NYSE:BA) and Disney (NYSE:DIS) - While Hewlett Packard (NYSE:HPQ) was up over 2-1/2%. That boost reportedly due to an upgrade at Morgan Stanley. That analyst predicts the tech company will outperform the broader market.
Also contributing to the sell off today was a lower than expected housing market index. Home builders are reportedly blaming a lack of available lots and a lack of available credit. There was some strength in future sales component, however.
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