EARLY RISER: U.S. stocks rose in the first hour of trading on optimism about a deal to prevent financial collapse in Cyprus. The Standard & Poor's 500 index came within a quarter-point of its record closing high.
FICKLE TICKER: Stocks turned negative as investors returned to worrying about the European economy. The Dow Jones industrial average was down as much as 117 points in the early afternoon.
SPREADING FEAR: The selling intensified after a top European official said investors in struggling banks may be forced to take losses — an element of the Cyprus agreement that had previously been seen as unique to that country.
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