NEW YORK (CNNMoney)
The S&P 500 and Dow Jones industrial average both fell about 0.6%. The Nasdaq declined 0.7%. Trading volume on Wall Street is likely to be thin amid the Passover holiday and ahead of Good Friday and Easter.
"Given the holidays ... the first quarter is effectively over," wrote Marc Chandler, strategist for Brown Brothers Harriman, in a note to investors.
Few major corporate or economic reports are due Wednesday, though at 10 a.m. ET, the National Association of Realtors will release data on pending home sales. That figure is expected to have risen 2% in February, according to a Briefing.com consensus of economist forecasts.
U.S. stocks finished higher Tuesday, with the S&P 500 less than two points away from its all-time closing high of 1,565.15, following better-than-expected reports on the U.S. economy and easing concerns about Cyprus. The Dow Jones industrial average hit a record closing high of 14,559.65.
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Cyprus' banks will remain shut until Thursday to give regulators time to guard against a run on deposits. Some form of capital controls will be applied when the banks eventually reopen. Details are due to be published later Wednesday.
The island nation agreed early Monday to raise billions of euros from big depositors at the Bank of Cyprus and Popular Bank of Cyprus, and to shrink its banking sector in return for a €10 billion European Union bailout.
European markets were weaker in morning trading on continuing uncertainty about the impact of the Cyprus crisis on the wider eurozone. Chandler noted that the European Central Bank may need to keep the door open to a rate cut given the continued problems in Europe.
Meanwhile, two reports from the European Union highlighted the gloomy economic and business outlook in Europe. The EU business climate indicator fell 0.14 points in March, extending a downturn that goes back to Sept. 2011. A separate survey showed that economic sentiment in Europe fell in March, while consumer confidence was little changed.
Also in Europe, British banks need to raise £25 billion, or about $38 billion, this year to buffer against the potential for future financial turmoil.
Asian markets ended higher. The Shanghai Composite and Nikkei added 0.2%, while the Hang Seng advanced 0.7%.
However, worries over attempts to rein in runaway real estate prices and rapid growth in China have capped Chinese indexes so far this year, while Japanese stocks have soared.
In corporate news, shares of Cliffs Natural Resources (CLF, Fortune 500) were down nearly 12% in early trading. The stock, which has been the worst performer in the S&P 500 this year, was hit with two analyst downgrades Wednesday.
First Published: March 27, 2013: 9:41 AM ET
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