Stocks took a dive this morning and remained in that position at midday following overseas sell-offs. Fears continued to come from Japan after Prime Minister Naoto Kan warned that the latest blast at the Fukushima Daiichi nuclear power plant has created a high risk of a radiation leak about 30 kilometers around the plant. Meanwhile, elevated radiation levels in Tokyo have also been reported. Japanese stocks sank by more than 10.0%, causing markets in other nations to fall.
To ease fears, the Bank of Japan injected another JPY 20 million to add stability to the financial markets; however, the financial and energy sectors have taken a hit today resulting from uncertainty in Japan and the Middle East.
Meanwhile, U.S. investors also focused on several economic reports ahead of the Federal Open Market Committee's release of its latest interest-rate decision this afternoon.
U.S. import prices increased by 1.4% last month compared with January's revised data and exceeded economists' expectations of a 0.9% increase. Petroleum prices had a significant impact on the increase, rising by 3.7%, while food and metals prices also had an effect. Overall prices have gained 7.0% during the last five months and 8.5% in the last year.
New York's Empire State manu facturing index jumped by more than two points in March to 17.5 compared with February's reading of 15.4. The current number is the highest since June but below expectations as economists had predicted a gain to 18.3. New orders and shipments fell while employment improved.
(mixed data. everything looks bad)
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