Deeper Caution Japan
March 17, 2011 by staff
The Nasdaq briefly turned negative for the year in a second straight day of losses related to concerns about Japan. Analysts said a break below 1257 on the S & P 500 closing level of the index for, could signal more losses.
“The short term trend is now bearish,” said John Kosar, director of research with Asbury Research in Chicago. “If one decomposes (1,257) … psychologically, that changes in perspective people about things. ”
The S & P 500 is down .2 percent since the beginning of the month after rallying from early September. It is still up 21 percent since September.
But on Tuesday investors dumped stocks for the safety of government bonds and other assets. Prices of U.S. Treasury bonds rose with the Swiss franc CHF = EBS.
The CBOE Volatility index VIX. VIX jumped percent after rising nearly 20 percent.
U.S. stocks considered vulnerable to disaster in Japan in stock and sensitive economy has declined sharply.
Insurer American International Group Inc. (AIG.N) slid 2.8 percent to 36.46 and, while aluminum producer Alcoa Inc. (AA.N) lost 2.6 percent to $ 15.70.
General Electric Co (GE.N) fell 3.7 percent to 19.19 and the concerns of the nuclear crisis will cost society tens of billions of dollars in lost sales and could have a potential legal costs or even responsibility for its nuclear technology.
GE has combined nuclear companies with the Japanese company Hitachi Ltd (6501.T).
Please feel free to send if you have any questions regarding this post , you can contact on
Disclaimer: The views expressed on this site are that of the authors and not necessarily that of U.S.S.POST.