Stocks, Oil Decline After Earthquake Hits Japan

Stocks continued to fall today in the wake of yesterday’s sell-off and news of a strong earthquake hitting Japan. The largest earthquake in a hundred years, the news added to a market already jittery with fighting in the mid-east and continuing debt problems in Europe.

The Stoxx Europe 600 Index slid 0.6 percent at 8:47 a.m. in New York while futures on the Standard & Poor’s 500 Index lost 0.2 percent after the gauge yesterday slumped 1.9 percent. Japan’s Nikkei 225 Stock Average tumbled 1.7 percent as the quake caused a 10-meter tsunami that inundated towns north of Tokyo. The yen strengthened 0.9 percent against the dollar, after depreciating 0.4 percent following the temblor. The yield on the German 10-year bund declined four basis points, falling for a third day. Oil slid below $100 a barrel in New York.

Source: Bloomberg

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