US stocks slip as Europe worries resurface

Stocks slip on Wall Street as traders worry about bailout plan for Cyprus

Associated Press
Investors struggle to get past Europe's woes
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FILE - In this Wednesday, March 20, 2013 photo, Trader Anthony Riccio, center, works on the floor of the New York Stock Exchange. Asian stocks followed Wall Street higher on Wednesday March 27, 2013 after upbeat economic data from the world's largest economy. But in Europe, markets were unsteady ahead of the release of more indicators that would provide further clues about the health of the world's leading economies. (AP Photo/Richard Drew)

NEW YORK (AP) -- Worries about Europe are sending stocks slightly lower as investors look to see whether Cyprus can stave off panic when its banks reopen.

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 36 points, or 0.3 percent, at 14,523 at noon Wednesday. The index rallied 111 points Tuesday on better U.S. housing news.

The Standard & Poor's 500 index fell three points, or 0.2 percent, to 1,560. The Nasdaq composite fell five points, 0.1 percent, at 3,248.

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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