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Markets across the world suffer losses as a major earthquake strikes Japan, triggering multiple tsunami warnings. Increasing concerns resulting from the massive earthquake, that registered a magnitude of 8.9, sparked a sell off in Asia and tumbled Asian markets. The residual affects of this event are being felt in the European and U.S. markets as well. The natural disaster that hit Japan adds to the list of turmoil abroad, as unrest in Libya and protests in Saudi Arabia continue to draw attention. U.S. markets have seen a significant drop in participation today. As close approaches some modest advances have been made, but overall stocks are on track for a weekly loss. Reports out earlier today on the economic calendar have received little attention with consumer sentiment and business inventories most recently released. The University of Michigan’s Consumer Sentiment Survey reported a reading of 68.2 for the month of March, falling below the anticipated 76.5 by economists. The reading fell from 77.5 the previous month and marks the worst reading in five months. The Commerce Department reported that business inventories rose 0.9% in January, just above the .08% that was broadly expected. Approaching Close the major market indexes are in the green. The Dow increased by 83.1 points or 0.69% to 12067.71. The Nasdaq rose 18.51 points or 0.69% to 2719.53. The S&P 500 gained 11.28 points or 0.87% to 1306.39. The Treasuries 10-year yield continues at 3.39%. Oil has dropped 1.76 to $100.92 a barrel. The U.S. Dollar lost 0.0049 to the Euro at $1.3895. Author: Pamela Frost
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