Dow at 11,922, down 121 points so far today.
NEW YORK (AP) — Mounting concerns over the impact of the massive
earthquake in Japan pushed stocks lower Monday. The earthquake and
tsunami along Japan’s northeast coast killed thousands and has
raised fears of a slowdown in the world’s third-largest
economy.
All 10 company groups that make up the Standard and Poor’s 500
index fell. Utilities companies lost 1.9 percent, the most of any
group, on worries that the disaster may lead to increased
skepticism over the safety of nuclear power plants.
The S&P index, the basis for most U.S. mutual funds, fell 15
points, or 1.2 percent, to 1,288.
The Dow Jones industrial average fell 122, or 1 percent, to 11,922.
The Nasdaq composite fell 29, or 1.1 percent, to 2,686.
Japan’s central bank pumped a record $184 billion into money market
accounts to encourage bank lending. Financial analysts said the
move could put pressure on Japan to raise interest rates,
particularly since the country is saddled with a massive debt that,
at 200 percent of gross domestic product, is the biggest among
developed nations.
