World
        

Economy

Stocks fall after another earthquake hits Japan

Updated: 2011-04-08 00:55

(Agencies)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

NEW YORK- Stocks fell Thursday after a 7.4-magnitude earthquake struck off the coast of northern Japan. The losses moderated after a tsunami warning was lifted.

Related readings:
Stocks fall after another earthquake hits JapanFTSE falls as eathquake in Japan hits sentiment 
Stocks fall after another earthquake hits JapanAnother strong quake strikes off tsunami-hit Japan 
Stocks fall after another earthquake hits Japan7.2 magnitude quake hits Honshu, Japan 

The Dow Jones industrial average fell as many as 96 points in morning trading before recovering most of its losses. Japan's stock market had already closed by the time the earthquake struck.

The quake rattled investors, partly since it struck near the same area as the massive earthquake that triggered devastating tsunami on March 11. Stock indexes bounced back after the impact of the quake turned out to be less than initially feared.

The Dow was down 37 points, or 0.3 percent, at 12,388 in afternoon trading. The broader S&P 500 fell 3, or 0.2 percent, to 1,333. The Nasdaq composite index fell 2, or 0.1 percent, to 2,798. All three indexes had been higher in earlier trading.

In the U.S., economic news was mostly positive. The Commerce Department said 382,000 people applied for unemployment for the first time last week. That was the third drop in four weeks. The decline in applications suggests layoffs are slowing.

Major retailers also reported better-than-expected sales for March at stores that have been open at least a year. Analysts had predicted declines because of cold weather and higher gas prices.

Costco Wholesale Corp rose 4 percent after reporting a 13 percent gain in sales. Limited Brands Inc. rose 1 percent after it said its revenue increased 14 percent because of strong sales at its Victoria's Secret stores. Nordstrom Inc. and Macy's Inc. also rose about 1 percent.

Bed Bath & Beyond Inc. rose 11 percent, the most of any stock in the Standard & Poor's 500 index. The home furnishings retailer posted strong results late Wednesday and said it expected earnings to rise 10 percent to 15 percent this year.

Constellation Brands Inc rose 6 percent. The maker of Robert Mondavi wine and Svedka vodka recovered from a loss in the same quarter a year ago and reported a double-digit increase in wine sales in North America.

Bond prices rose, sending their yields lower. The yield on the 10-year Treasury note fell to 3.54 percent from 3.55 percent late Wednesday.

Specials

Share your China stories!

Foreign readers are invited to share your China stories.

Art auctions

China accounted for 33% of global fine art sales.

Waiting for drivers' seat

Lack of sponsorship appears to be why Chinese drivers have yet to race in a Formula 1 event

Panic buying of salt
Earthquake Hits Japan
NPC & CPPCC sessions