Investing.com - U.S. stocks ended mixed to higher on Tuesday after reversing earlier losses as investors decided equities were less vulnerable to uncertainty in Cyprus than other asset classes.
The Cypriot parliament rejected a proposal put forth by the E.U. and I.M.F. to slap a one-time tax on bank deposits, though uncertainty as to whether the country goes bankrupt fueled solid safe-harbor dollar demand throughout the day, which kept volumes thin in U.S. equities bourses.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.03%, the S&P 500 index ended down 0.24%, while the Nasdaq Composite index fell 0.26%.
Multilateral lenders asked for the tax as part of a EUR10 billion bailout package, though the European Central Bank did say it would ensure liquidity flows into Cyprus until the issue resolves itself.
Meanwhile in the U.S., the Federal Reserve began a two-day monetary policy meeting Tuesday, and expectations were widespread for the monetary authority to leave policy unchanged, which gave investors reason to snap up stocks with a degree of caution.
Better-than-expected housing data did likewise.
The Commerce Department reported earlier that the number of building permits issued in February hit its highest level since June 2008.
Housing starts beat expectations as well, cementing widespread views that the country’s economic recovery is gaining steam.
Building permits issued in February rose 4.6% to 946,000 units, above market calls for a 2.3% increase to 925,000.
U.S. housing starts, meanwhile, rose by 0.8% in February to 917,000 units, better than analysts' calls for a jump to 915,000.
Leading Dow Jones Industrial Average performers included Coca-Cola, up 1.50%, Hewlett-Packard, up 1.31%, and Procter & Gamble, up 1.27%.
The Dow Jones Industrial Average's worst performers included Caterpillar, down 1.20%, American Express, down 0.99%, and Walt Disney, down 0.92%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.24%, France's CAC 40 fell 1.30%, while Germany's DAX 30 finished down 0.79%. Meanwhile, in the U.K. the FTSE 100 finished down 0.26%.
On Tuesday, markets will continue to track events in Cyprus, while the Federal Reserve's statement on monetary policy will move foreign exchange rates as well.
The Cypriot parliament rejected a proposal put forth by the E.U. and I.M.F. to slap a one-time tax on bank deposits, though uncertainty as to whether the country goes bankrupt fueled solid safe-harbor dollar demand throughout the day, which kept volumes thin in U.S. equities bourses.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.03%, the S&P 500 index ended down 0.24%, while the Nasdaq Composite index fell 0.26%.
Multilateral lenders asked for the tax as part of a EUR10 billion bailout package, though the European Central Bank did say it would ensure liquidity flows into Cyprus until the issue resolves itself.
Meanwhile in the U.S., the Federal Reserve began a two-day monetary policy meeting Tuesday, and expectations were widespread for the monetary authority to leave policy unchanged, which gave investors reason to snap up stocks with a degree of caution.
Better-than-expected housing data did likewise.
The Commerce Department reported earlier that the number of building permits issued in February hit its highest level since June 2008.
Housing starts beat expectations as well, cementing widespread views that the country’s economic recovery is gaining steam.
Building permits issued in February rose 4.6% to 946,000 units, above market calls for a 2.3% increase to 925,000.
U.S. housing starts, meanwhile, rose by 0.8% in February to 917,000 units, better than analysts' calls for a jump to 915,000.
Leading Dow Jones Industrial Average performers included Coca-Cola, up 1.50%, Hewlett-Packard, up 1.31%, and Procter & Gamble, up 1.27%.
The Dow Jones Industrial Average's worst performers included Caterpillar, down 1.20%, American Express, down 0.99%, and Walt Disney, down 0.92%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 1.24%, France's CAC 40 fell 1.30%, while Germany's DAX 30 finished down 0.79%. Meanwhile, in the U.K. the FTSE 100 finished down 0.26%.
On Tuesday, markets will continue to track events in Cyprus, while the Federal Reserve's statement on monetary policy will move foreign exchange rates as well.