NEW YORK (AP) — Stocks are opening sharply lower on Wall Street as investors wait to see whether Cyprus can restore confidence in its battered financial system.

The Dow Jones industrial average was down 90 points, or 0.6 percent, at 14,468 shortly after the opening bell Wednesday.

The Standard & Poor's 500 index fell 10 points, or 0.6 percent, to 1,553. The Nasdaq composite was down 23 points, 0.7 percent, at 3,229.

Cyprus is working out details for how to reopen its banks after a nearly two-week shutdown. An international bailout agreement calls for large deposits to be taxed heavily to help pay for the rescue.

European markets fell. Benchmark indexes were down 1.2 percent in Germany and 1.6 percent in France.