Stock market japan earthquake

NEW YORK CNNMoney -- Investors around the world were rattled Friday after a massive earthquake and tsunami struck Japan, adding another layer of uncertainty to markets that were already jittery about oil prices and the volatile political situation in the Middle East.

World markets fall after Japan quake - Mar. 11,

Asian markets, which were falling before the tsunami hit, ended sharply lower. Japan's benchmark Nikkei index declined 1.

Stocks in the United States were up slightly after a sharp selloff in the previous session. The Dow Jones industrial average was up about 35 points. While the human and economic toll from the Japan devastation could be significant, economists said it is far too early to speculate about the long-term consequences. Still, investors were flocking to the Japanese yen amid speculation that the currency will be repatriated to cover costs of reconstruction. In addition, Nikkei stock futures, which reflect traders' outlook for the index, were down points on the Chicago Mercantile Exchange.

Investors were shying away from risky assets such as crude oil. The dollar, considered a safe haven by global investors, rose sharply against the euro and the U. The most powerful earthquake to hit Japan in at least years unleashed walls of water that caused widespread damage.

Japanese media were reporting hundreds of people dead and hundreds more missing, and there is no word as yet on casualties in the hardest hit areas of the island nation. National Weather Service issued a tsunami warning for at least 50 countries and territories.

Tsunami waves have already hit Hawaii and California is bracing for residual waves, although damage is not expected to be severe. Japan was hit by a 7.

Over the long run, however, the economic impact of that earthquake was "limited," they said.

Japan earthquake hits global markets - Telegraph

Japan's economy still posted modest growth in the months after the earthquake, Jessop notes. But economic activity in Japan has been losing momentum recently, and the nation may be forced to pay for reconstruction by borrowing more money, he warned.

Still, how the disaster will affect the Japanese and world economy is impossible to know, said economists, including Jessop. Nevertheless, "experience tells us that the economic shock can be, and likely will be, much bigger than anyone can imagine," said Weinberg. Big Oil has a recruiting problem. Sixty-two percent of young people polled by EY find a career in the oil and gas industry unappealing due to concerns about the environment and career stability.

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By Ben Rooney, staff reporter March 11, Deaths, tsunamis feared as massive quake hits Japan 'Dr. Copper' thinks the market is sick.

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