NEW YORK -- Stocks fell in early trading as Cyprus' banking woes sent shivers throughout the financial markets, raising fears the Eurozone debt crisis would reignite.
The Dow Jones industrial average was down 51.30 points, or 0.35%, to 14,462.81 shortly after the opening bell. The Dow had initially dropped more than 100 points in early trading, but the blue-chip index pared its losses.
The broader Standard & Poor's 500 index was down 10.76 points, or 0.69%, or 1,549.94. The S&P had been flirting with a new all-time high for the first time in a half decade, riding a stock-market rally that accelerated this year. The technology-heavy Nasdaq was off 22.25 points, or 0.68%, to 3,226.82.
U.S. markets followed European and Asian stock markets, which were down about 1% to 2% or more Monday.
European leaders' decision to force bank depositors to pay for Cyprus' bailout sparked fears of a bank run that could spread to other financially weakened countries in the currency bloc, like Spain and Italy.