Stocks slip as Cyprus considers raid on deposits

Stocks slip on Wall Street as Cyprus considers plan to seize money from depositors for bailout

Associated Press
Stocks slip as Cyprus considers raid on deposits

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Specialist Robert Canzani, left, and trader Robert Moran, right, work on the floor of the New York Stock Exchange Tuesday, March 19, 2013. A surprisingly strong increase in new home construction is sending stocks higher in early trading on Wall Street. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are edging lower on Wall Street as worries about an unpopular bailout plan in the European nation of Cyprus cast a pall over financial markets.

A pickup in U.S. home construction sent the stocks of home builders higher.

The Dow Jones industrial average gave up an early gain of 62 points and was down 18 points to 14,445 at midday Tuesday.

The Standard & Poor's 500 index fell four to 1,547. The Nasdaq composite fell eight to 3,228 points.

Worries about the latest threat to Europe's currency union were still weighing on markets.

Banks in Cyprus are closed until Thursday while the country considers demands from lenders to seize money from depositors' savings accounts to pay for a bailout of the country's banks and government.

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