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Stock market recovers most of an early loss

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Renewed worries about Europe’s long-running debt crisis weighed on stocks, holding the S&P 500 just short of a record. Investors are watching to see if Cyprus can shore up its banks. Europe and the IMF have agreed to lend Cyprus $13 billion as long as it liquidates its number two bank and forces losses on depositors with more than 100,000 euros. The market is also keeping an eye on Italy, where political parties are struggling to form a new government. Borrowing rates for Italy and Spain shot higher, a sign of weaker confidence in their financial health. News that pending US home sales slipped in February­ also held back equities.

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