NEW YORK (AP) — Worries about Europe rattled the stock market Wednesday, a day after the Dow Jones industrial average had its biggest gain in three weeks.
Investors are watching to see if Cyprus can restore confidence in its banking system. They are also keeping an eye on Italy, where political parties are struggling to form a new government.
The Dow Jones industrial average was down 63 points, or 0.4 percent, at 14,494 an hour after the opening bell Wednesday. The decline erased the Dow's gain for the week. The index had rallied 111 points Tuesday on better U.S. housing news.
Cyprus is working out details for how to reopen its banks after a nearly two-week shutdown. An international bailout agreement calls for large deposits to be used to help pay for the rescue of its banking system.
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