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News Summary: Stocks fall on Cyprus bailout plan

  • Article by: The Associated Press
  • Associated Press
  • March 18, 2013 - 4:08 PM

EUROZONE REDUX: Stocks fell on Wall Street on concern that a controversial plan to seize money from depositors as part of a bailout for Cyprus will set off another bout of anxiety over the future of the euro currency.

BANKS SLIDE: Banks took a hit. Morgan Stanley fell 2.5 percent to $22.99 and Citigroup dropped 2.2 percent to $46.24.

HIGHER TARGETS: Both Deutsche Bank and Goldman Sachs raised their year-end targets for the Standard & Poor's 500 index. Goldman lifted its target to 1,625 from 1,575 and Deutsche increased it to 1,625 from 1,600. Strategists at both banks are expecting economic growth to accelerate.

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