UPDATE1: N.Y. stocks drop as Japan quake clouds global economic outlook.
(EDS: UPDATING WITH CLOSING QUOTES)
New York stocks dropped Tuesday, with the Dow index closing at its lowest level since late January, amid global economic uncertainties arising from business suspensions and the worsening nuclear accident in Japan following last week's deadly earthquake and tsunami.
The 30-issue Dow Jones Industrial Average, which lost 51.24 points Monday, dropped a further 137.74 points to 11,855.42.
The tech-heavy Nasdaq Composite Index, which shed 14.64 points the previous day, went down a further 33.64 points to 2,667.33.
Stocks opened sharply lower on across-the-board selling as equity drops in Asia and Europe due to Japan's disaster chilled investor sentiment here as well, pushing the Dow down by some 300 points at one point, market analysts said.
General Electric, maker of reactors at the quake-hit nuclear power plant in Japan, continued to face selling and many sectors including manufacturing, high-tech and utilities were sold, they said.
In afternoon trading, stocks erased some of their early losses on buybacks as investors were encouraged by the upgrading of U.S. economic views by the Federal Reserve at the end of the day's meeting of its policy-setting Federal Open Market Committee, they said.
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|Publication:||Japan Weekly Monitor|
|Date:||Mar 21, 2011|
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