Wall Street holds its own after 'no' vote in Cyprus
NEW YORK -- The latest twists in Europe's debt drama weighed down the stock market Tuesday, offsetting more good news on the U.S. housing market.
The Dow Jones industrial average managed a gain of just four points, while other indexes closed slightly lower. Investors were focused on Cyprus, where the Mediterranean country's lawmakers voted against a proposed bailout plan for banks that would have called for raiding the savings accounts of ordinary citizens, setting a new precedent in Europe's ongoing debt crisis.
The plan was rejected -- with zero votes in favor -- even after being changed to lessen the burden on savers with lower balances. The vote leaves the Cyprus's bailout from international lenders in question, and without external funds the country's banks could face collapse and the government could wind up having to leave Europe's joint currency.
On Tuesday the Dow rose 3.76 points, or 0.03 percent, to close at 14,455.82.
Other major market indexes fell slightly. The Standard & Poor's 500 fell 3.76 points, or 0.2 percent, to 1,548.34. The Nasdaq composite fell 8.50 points, or 0.3 percent, to 3,229.10.