Tuesday, March 15, 2011

Stock Market Plunges on Japan Fears

 The stock market opened just less than twenty minutes ago but it appears that ramifications from Japan are weighing it down. With the nuclear crisis in that country continuing, Japan saw its major indexes lose over 10% today and almost as much the day before. Now, even after losses today, the American markets are falling as well.

The Dow Industrial average is down over 200 points, or about 2%. The outlook is worse for Japanese stocks:
 Toyota Motor Corp. said it would suspend manufacturing at its domestic plants through Wednesday — a production loss of 40,000 cars. Other manufacturers like Sony Corp. and Honda Motor Co. were also forced to halt production. Damage to roads and distribution systems made it all but impossible to move products.
Toyota, the world's largest automaker, fell 7.4 percent. Honda lost 3.9 percent and Nissan Motor Corp. dropped 3.3 percent. Mitsubishi Motors Corp. lost 9.3 percent and truck-maker Isuzu Motors Ltd. plunged 9.2 percent.

Hopefully this doesn't snowball.

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