April 7, 2011
Following a 7.4 magnitude earthquake off the coast of northeastern Japan today, the major stock market indexes fell after rising all morning.
The Dow was down about 40 points, or 0.3% shortly after reports came in. The S&P 500 fell about 3 points, or 0.2%, according to Barron’s.
Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc., told the Victoria Advocate the earthquake “means perhaps further economic decline in Japan.â€ť
Japan is the world’s third-largest economy and buys 10 percent of U.S. exports.
Shortly after the March 11 earthquake, economists predicted the disaster would ultimately cost more than $100 billion dollars.