US stocks dropped as a last-minute bailout deal for Cyprus kicked up worries that deposits across Europe could become future targets of international creditors.
The Dow Jones Industrial Average dropped 64.28 points, or 0.4 per cent, to close at 14447.75. The Standard & Poor's 500-stock index declined 5.20 points, or 0.3 per cent, to 1551.69. All 10 of the benchmark's sectors declined, dragged down by industrial stocks such as 3M, which fell 1.2 per cent. The Nasdaq Composite sank 9.70 points, or 0.3 per cent, to 3235.30.
In focus was the bailout agreement for Cyprus that came together early Monday, and whether it might serve as a blueprint for future aid packages. The deal provides 10 billion euros ($12.3bn) in financing for Cyprus, and imposes losses on bank deposits of more than 100,000 euros in the country's largest banks.
