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Market News Update March 20, 2013

The S&P 500 fell yesterday for the third day in a row as news of the Cyprus parliament unanimously rejecting the bailout that would have called for a tax on bank deposits to help fund the country's bailout.  The S&P 500 has fallen about 1% over the last three days after coming within two points of a record high.

All is not bleak as European shares rose after three days of losses on the confidence that European policymakers would not let the crisis in Cyprus affect other countries.  Cyprus' leaders were meeting in Nicosia to try and avert a financial debacle.

Some other news related to the markets include:

  • Fannie Mae, Freddie Mac to repay U.S. sooner.
  • Volvo February truck shipments fall 26 percent year-on-year.
  • U.S. regulator downgrades JPMorgan management rating.
  • Egypt to sign $4.8 billion deal with IMF by end of June.

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