Global markets down on Italy, Cyprus concerns

The US equity markets recovered from day's lows to end mixed on Wednesday, but investors were still worried about the chance of a run on Cypriot banks and its possible implications for other euro-zone lenders. The S&P 500 Index was slightly below its closing high.

The Dow Jones industrial average slipped 33.49 points to close at 14,526.16. The S&P 500 went down just 0.92 of a point to 1,562.85. Meanwhile, the Nasdaq Composite gained 4.04 points to end at 3,256.52.

US economic data

Weekly mortgage applications rebounded last week while pending home sales slid 0.4 percent in February.

Asian markets were trading lower. Shanghai fell more than 2 percent while Hang Seng and Nikkei lost over 1 percent.

Eurozone concerns in focus

European markets closed at 3-week low on Italy and Cyprus concerns. Cyprus banks will re-open on Thursday.

Cyprus poised to impose capital controls on banks. Meanwhile, political stalemate in Italy is adding to concerns.

Bond Auctions

Italy sold new 5-year securities at yield of 3.65 percent. Italian 10-year yield climbed 21 basis points.

Watch out for today's US data
-GDP
-Jobless claims
-Chicago PMI
-Natural gas inventories
-Fed balance sheet

(With inputs from Reuters)