By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks scaled back Monday gains,
which had the S&P 500 Index less than 1 point from its record
high, after an accord was reached to avert financial collapse in
Cyprus.
After closing within a fraction of its all-time closing high of
1,565.15, hit in October 2007, the S&P 500 (SPX) was lately up
5.15 points, or 0.3%, at 1,562.04.
Consumer companies led the gains among the S&P 500's 10
major sectors, all of which climbed.
The Dow Jones Industrial Average (DJI) rose 8.23 points, or less
than 0.1%, to 14,520.26.
The Nasdaq Composite (RIXF) added 7.87 points, or 0.2%, to
3,252.86.
Advancers outran decliners roughly 2-to-1 on the New York Stock
Exchange, where 111 million shares traded by 10:30 a.m.
Eastern.
Composite volume topped 534 million.
Boosting sentiment on Wall Street, Cyprus and international
lenders struck a last-minute bailout deal early Monday, clearing
the way for the nation to receive 10 billion euros ($13 billion) in
financing.
The agreement calls for a restructuring of two of the country's
largest banks -- Popular Bank of Cyprus (also known as "Laiki
Bank") and Bank of Cyprus -- as well as a downsizing of the
nation's overall banking sector.
Deposits at both banks larger than EUR100,000 will be subject to
a levy.
In the technology sector, Dell Inc. (DELL) shares gained 3%
after the computer maker confirmed it had received competing bids
from private-equity firm Blackstone Group LP and billionaire
investor Carl Icahn that could top one offered by founder Michael
Dell.
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