US market upswing crumbles Monday

US stock indexes dropped Monday after investors took a second glance at a bailout deal for Cyprus. Stocks followed European markets higher in early trading. But the deal hamstrings Cyprus with tough provisions, including a levy on bank deposits of $130,000 or higher, temporary controls on money transfers and the closure of the country's second largest bank. Wall Street quickly soured on the deal, as the details became known. On Wall Street in early afternoon trading, the Dow Jones industrial average shed 88.93 points, or 0.61 percent, to 14,423.10. The Nasdaq gave up 15.28 points, or 0.47 percent, to 3,229.72. The Standard and Poor's 500 dropped 7.89 points, or 0.51 percent, to 1,549. Ten-year US treasury bonds rose 7/32 to yield 1.906 percent. Against the dollar, the euro was at $1.2844 from Friday's $1.2948. Against the yen, the dollar was lower at 93.84 yen from 94.41 yen. In Tokyo, the Nikkei 225 index added 207.93 points, 1.69 percent, 297.16 points, to 12,546.46. In London, the FTSE 100 index dropped 0.22 percent, 14.38 points, to 6,378.38.