Japan continues to rock the markets

MARKET WRAP: The devastation in Japan continued to rock the markets today forcing investors to panic sell in the equity markets pushing the Dow Jones down nearly 300 points before paring more than half of those losses by the time the Stock markets closed at 4:00pm ET. The selling of equities lifted the Bond markets but Bonds reversed course and shed many of those gains as the day progressed, especially after the Fed was more upbeat on the economic recovery and noted commodity inflation in its FOMC statement. The benchmark 4% coupon finished at 98.88 after being as high as 99.31 up 22bp for the session. The Dow fell 137.74 to 11,855.42, the S&P 500 Index fell 14.52 to 1,281.87 while the Nasdaq dropped 33.64 to 2,667.33. Oil settled at $97.19/barrel down $4.01. Tomorrow’s data includes Housing Starts/Building Permits along with the Producer Price Index.

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