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Markets Close Slightly Lower; Cyprus May Impact Thursday Trading

Hemera/Thinkstock(NEW YORK) -- Stocks traded lower Wednesday amid worries about European financial troubles.

The Dow Jones Industrial Average called it a day off 33.49 points, at 14,526.16. It had been down more than 120 points earlier in the session, but confirmation that Cypriot banks will finally open Thursday seemed to help the market recover some of its losses.

The Dow is having its best quarter since the fourth quarter of 2011, prompting analysts to predict that the index could hit 16,000 by Christmas.

Investors kept a watchful eye on the S&P 500 Wednesday as the index inched closer to a record-high close.  It ended the session down about one point at 1,562.85, just shy of the all-time-high close of 1,565 set back in October of 2007.

The Nasdaq Composite Wednesday closed up 4.04 points, finishing at 3,256.52.

With the reopening of Cypriot banks Thursday, investors are watching to see if Cyprus can restore confidence in its banking system.

Investors will also watching Italy, where political parties are trying to form a new government in the eurozone's third-biggest economy.

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