U.S. stocks closed mixed in a volatile trading day on Tuesday, with the Dow eking out tiny gains amid uncertainties in Cyprus after its parliament rejected a proposed tax on bank deposits.
U.S. stocks extended losses in choppy trading on Monday following Friday's slip, as shock from Cyprus gave investors an excuse to sell off after recent strong equity rally.
The Eurogroup made an unprecedented decision at the end of a marathon bargaining in the early hours of Saturday, imposing a so-called bail-in, or haircut, on Cyprus, meaning all depositors have to pay a one-off tax. This was fixed at 6.75 percent for deposits up to 100,000 euros and at 9.9 percent for deposits above that amount.
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