Markets, oil dip on Cyprus bailout deal

US stocks were lower Monday on news that a bailout for Cyprus included a tax on bank deposits. The New York Times reported the plan is still up in the air. Cypriot President Nicos Anastasiades has delayed a parliamentary vote on the bailout for a second time, because he is having difficulty finding support for the proposal. In late morning trading, the Dow Jones industrial average lost 10.05 points, or 0.07 percent, to 14,504.06. The Nasdaq dipped 3.62 points, or 0.11 percent, to 3,245.45. The Standard and Poor’s 500 dropped 4.14 points, or 0.27 percent, to 1,556.56. Ten-year U.S. treasury bonds rose 11/32 to yield 2.023 percent. Against the dollar, the euro was at $1.297 from Friday’s $1.2907. Against the yen, the dollar was higher at 95.20 yen from 94.36 yen. In Tokyo, the Nikkei 225 shed 340.32 points, 2.71 percent, to 12,220.63. In London, the FTSE 100 index shed 0.49 percent, 31.73 points, to 6,457.92. Oil prices slumped on weak demand concerns and fears of an escalation in the eurozone debt crisis. Brent North Sea crude for delivery in May was down 55 cents at $109.27 a barrel in late London deals, pulling back from a three-month low of $107.78 earlier in the day. New York’s main contract, light sweet crude for April, fell 15 cents to $93.30 a barrel after losses of more than a dollar.