S&P Falls for Third Session After Cyprus Rejects Tax Proposal (LULU, ADBE)

Most stocks fell for a third session on Tuesday after the proposed bailout for Cyprus was rejected by lawmakers, causing the euro to drop to its lowest level against the dollar since November. After coming close to its record high last week, the S&P has dropped about 1% in the last three days of trading. Major declines in the US included Caterpillar (CAT) and Lululemon (LULU) who announced a large product recall of its clothing. Adobe Systems (ADBE) reported a slip in revenue but beat investor expectations and saw shares rise after the bell.
Positive news came from the housing industry on Tuesday after it was shared that both new home construction and building permits rose in February. Permits have reached the highest level in nearly five years.

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Published on Mar 19, 2013
By InvestorGuide Staff

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