Markets Wobble on European Worries

Although the Cypriots managed to come to an agreement with other European leaders, the deal leaves many questions unanswered and raises a tremendous amount of uncertainty, and with that, the markets are moving lower. As of 12:55 p.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI  ) is down 92 points, or 0.64%, to 14,420. The broader S&P 500 index is 0.52% after coming within a few points of its all-time high this morning. The NASDAQ has dropped 0.51%, even though its largest component, Apple, is up 0.3%. All but six of the Dow's 30 components are down today.

Today's Dow downers
Shares of Microsoft (NASDAQ: MSFT  ) are down 0.5% today, even though the company recently received a favorable legal ruling. Google's Motorola Mobility unit said Microsoft had infringed on a patent, but an International Trade Commission judge ruled in Microsoft's favor. The patent in question was related to technology Microsoft uses in its Xbox gaming consol.

Shares of Bank of America (NYSE: BAC  ) and JPMorgan Chase (NYSE: JPM  ) are both down more than 1% as the banking industry in Europe remains strained. If the troubles in Cyprus spread throughout Europe, not only will the European financial industry take it on the chin, but the world financial industry will be shaken as well.

U.S. banks are intertwined with European banks through business relationships, and many of them have operations in Europe, own European debt, and invest in other European assets. Even though the Federal Reserve has given all the big banks a clean bill of health when it comes to their balance sheets, there is no guarantee the banks will make money if the financial industry takes a big hit.

Boeing (NYSE: BA  ) shares are once again descending today, down 0.5% thus far. The company announced that it will lay off at least 800 workers this year and as many as 2,300 in the near future. The reduction in staff is a move to better align its workforce with the needs of the company. Boeing has been struggling to get its newest 787 Dreamliner back in the air, and the longer it takes, the more jobs are likely to be cut.

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