Investors weren't hoping for a plunge into the red to start the week, but that's exactly what the markets are giving them. As of 2:15 p.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI ) has fallen 45 points, or 0.3%, to dip below the 14,500 mark. Today's culprit? Cyprus, once again -- although Wall Street's fears seem unfounded at best: Considering that the country reached an agreement for a much-needed eurozone bailout, it seems like a good time to breathe a sigh of relief, rather than sell frantically. Most blue-chip stocks are in the red, however; let's get caught up on what you need to know.
Good news sparks a bad day
It seems the Cyprus saga has come to a merciful end after the debt-plagued island nation and the eurozone struck a deal that will secure a 10 billion euro bailout package for Cyprus. The agreement will require a downsizing of Cyprus' bloated financial sector -- the country's banking sector greatly outweighs its GDP -- as well as a potential levy on savings deposits of more than 100,000 euros.
This last point has investors worried that other European countries will consider hitting up their own nations' deposits to fix debt problems. However, given that the bank accounts of most average Cypriots now won't be affected, the prospect of bank runs seems greatly diminished. After all, eurozone deposit insurance only guarantees up to 100,000 euros in deposits.
Still, stocks have fallen anyway, and industrials have been among the hardest-hit. Caterpillar (NYSE: CAT ) continues its dreary start to 2013, ranking among the top Dow leaders with a 1% loss, while Alcoa (NYSE: AA ) shares have fallen a more moderate 0.5%. Industrial stocks like these two are more vulnerable than most to macroeconomic moves, and the eurozone's ongoing headache hasn't inspired investor confidence that the region will turn around its slumping economy anytime soon. Even the best economies in the eurozone are slowing: German manufacturing output fell into contraction territory in March, spooking investors into believing that more European pain for industrial stocks is on the way.
Today's worst laggard isn't in the industrial sector, however; it's entertainment giant Disney (NYSE: DIS ) . Shares of Disney have slipped 1.1% despite the success of its recent film Oz: The Great and Powerful. The movie, a reimagining of the classic Wizard of Oz, has pulled in sales of more than $350 million during its worldwide theatrical run, easily outstripping its $200 million budget. However, Disney's stock has shot up more than 11% year to date, and it seems investors are looking for a pullback from this highflying pick.
On the other side of the Dow, UnitedHealth Group (NYSE: UNH ) has picked up 1% to defy the Dow's drop. The company won acute-care Medicaid contracts from the state of Arizona this morning. Still, UnitedHealth's future is in flux despite its reign atop the health insurance industry: Given the coming implementation of Obamacare and requirements that insurers can no longer turn away buyers, investors are left questioning what the future holds for this strong company.
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