Stocks closed lower on Wall Street on Monday as investors worried that a controversial proposal to seize money from depositors in Cyprus could set off another bout of anxiety over Europe's shared currency.
The Dow Jones industrial average fell 62.05 points to 14,452.06 after plunging as much as 110 points earlier."Europe has got problems," said Uri Landesman, president of Platinum Partners, a hedge fund. "You could get more stuff like this and the market isn't priced to handle that."Financial stocks were the biggest decliners in the S&P 500. Investment bank Morgan Stanley fell 60 cents, or 2.5 percent, to $22.99. Citigroup dropped $1.02, or 2.2 percent, to $46.24.Goldman Sachs said Monday that it had lifted its end-of-year target for the S&P 500 to 1,625 from its previous target of 1,575. The investment bank is forecasting that the U.S. economy will grow 2 percent this year and 2.9 percent next year.Boeing fell $1.25 a share to $85.18 after archrival Airbus signed its biggest deal of all time -- an order from Indonesia's Lion Air worth 18.4 billion euros ($24 billion) for its short-haul A320 and A321 jets. -- The Associated PressHave more to add? News tip? Tell us
