Wall Street slumps at open on European concerns

NEW YORK (Reuters) - Stocks dropped on Monday at the open as a divisive bailout plan for Cyprus knocked confidence in banks and provided investors a reason to lock in profits from the recent rally.

The Dow Jones industrial average <.dji> was down 97.11 points, or 0.67 percent, at 14,417.00. The Standard & Poor's 500 Index <.spx> was down 12.24 points, or 0.78 percent, at 1,548.46. TheNasdaq Composite Index <.ixic> was down 34.82 points, or 1.07 percent, at 3,214.25.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)

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