Printer Friendly

UPDATE1: N.Y. stocks drop as Japan quake clouds global economic outlook.

NEW YORK, March 15 Kyodo


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.
COPYRIGHT 2011 Kyodo News International, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Mar 21, 2011
Previous Article:Japanese editorial excerpts -2-.
Next Article:UPDATE3: Dollar falls to upper 80 yen in N.Y.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters