Markets hit by euro fears; Cyprus applies for a bailout

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Associated Press
Cyprus applies for a bailout Monday while Wall Street tumbled to its close as European volatility continues despite an upcoming European Union summit. The Dow Jones industrial average dropped 138 points along with other market indicators. The S&P 500 seems set to just break even for June. Asian shares also fell back Monday, with the Shanghai Composite falling 1.6% to its lowest level since January while Japan’s Nikkei Stock Average declined 0.7%. Negative emotions continue to dominate as analysts say they doubt whether the EU summit will result in any concrete action that could stop the rollercoaster ride.


Read more about markets on the Wall Street Journal and about Cyprus on Reuters

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