News Summary: Cyprus offsets homebuilder data

(AP) News Summary: Cyprus offsets homebuilder data
By The Associated Press
HOME BUILDERS: The Dow and other U.S. indexes started higher following a report of a surprisingly large increase in new home construction in February. The index gained as much as 62 points in morning trading.

CYPRUS VOTES `NO': Early gains for stocks didn't last after investors turned their focus to Cyprus, where lawmakers rejected a planned bailout for banks that would have called for raiding the savings accounts of ordinary citizens, setting a new precedent in Europe's ongoing debt crisis. The vote leaves the Cyprus's future in the euro zone in question.

AT THE CLOSE: The Dow closed with a gain of four points. The Standard & Poor's 500 closed down by the same number of points and has now closed lower for three straight days, its longest losing streak of the year.

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