The major market indexes were trending in the red at mid day on Tuesday as
investors digest an onslaught of issues that have weighed the market down. Alcoa
was first in line to release quarterly earnings and the highly anticipated
report has left investors feeling disappointed as well as concerned. The
aluminum giant reported better than expected earnings but its revenues fell
short. As rising costs continue to absorb revenues and shrink margins, investors
are worried that the high price of commodities will begin to be reflected as
other companies release reports. Corporate earnings are not the only problem
that has surfaced today. Japanese officials have raised the threat level at the
Fukushima nuclear plant. According to reports the situation has worsened over
night with the plant issuing a threat level paralleling that of Chernobyl. The
Treasury Department released its most recent report on the federal deficit. The
report indicated that the federal deficit increased to $188.2 billion, falling
just below economists anticipated forecast of $189 billion. The Commerce
Department reported on the U.S. trade balance for February. The report showed
that the trade deficit narrowed from $46.3 billion in January to $45.8 billion
for February. At close the major market indexes continue to trend in the red.
The Dow dropped 117.53 points or 0.95% to 12263.58. The Nasdaq declined by 26.72
points or 0.96% to 2744.79. The S&P 500 was down 10.30 points or 0.78% to
1314.16. The Treasuries 10- year yield decreased by 0.07 to 3.50%. Oil plunged
4.12 to $105.81 a barrel. Author: Pamela Frost
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