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A run of negative economic posts, home and abroad, pushed stock index trends lower through the trading session yesterday. Prior to opening bell this morning, stock futures continued to post red. The negative momentum built yesterday that positioned stocks lower for the last trading session of the week combined with concerns over a massive earthquake in Japan has investors concerned and sparked a sell off in Asia. A powerful earthquake that struck Japan tumbled Asian markets and has added to the volatile events abroad. European and U.S. markets have taken a hit as investors digest the effects of the 8.9 magnitude earthquake that hit northern Japan and triggered numerous tsunami warnings. The widespread weakness overseas has pushed the market lower, and selling pressure has decreased oil prices to below $100 a barrel. The turn in oil prices as well as reports posted on the economic calendar appear to have been widely shrugged off at this point. Retail sales rose 1% in February, falling into line with economists expectations. Excluding automobile sales, retail sales rose 0.7%, just above the anticipated 0.6% increase. The preliminary consumer sentiment survey for March from the University of Michigan and the Commerce Departments business inventories for January are due out on Friday as well. Approaching mid day the major market indexes are all in the red. The Dow dropped 32.81 points or 0.27% to 11951.80. The Nasdaq lost 6.45 points or 0.23% to 2694.37. The S&P 500 is hovering just below breakeven with a loss of 0.64 or 0.05% at 1294.47. The U.S. Treasuries 10-year yield is flat at 3.39%. Oil is down 2.27 to $100.45 a barrel. The U.S. dollar is down 0.0019 to the Euro at $1.38. Author: Pamela Frost
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