Wall Street feels impact
Source: Agencies |
March 15, 2011, Tuesday
|
Print Edition
Print Edition
FEARS about the impact of Japan's devastating earthquake and tsunami dominated trading on Wall Street yesterday in New York City.
A second hydrogen explosion rocked a stricken nuclear power plant in Japan, sending authorities scrambling to avert a meltdown.
The crisis at Japan's nuclear plants created doubts about the growth prospects of the industry.
Among companies affected the most were those with exposure to Japan and the nuclear industry. General Electric Co, which has combined nuclear ventures with Hitachi Ltd, fell 2 percent to US$19.93. Shaw Group Inc fell 16 percent to US$32.20.
The Market Vectors uranium and nuclear energy exchange traded fund fell more than 17 percent, while the Global X Uranium ETF fell 17.5 percent.
Insurers with likely exposure to Japan lost ground. Shares of Aflac Inc fell 2.8 percent to US$54, while AIG lost 1.2 percent to US$36.90.
The Dow Jones industrial average was down 36.86 points, or 0.31 percent, at 12,007.54. The Standard & Poor's 500 Index was down 4.86 points, or 0.37 percent, at 1,299.42. The Nasdaq Composite Index was down 1.46 points, or 0.05 percent, at 2,714.15.
Oil prices also fell yesterday as analysts sorted out how much the disaster in Japan will affect global energy demand.
Analysts expect the country's energy demand will fall in the short term. Japan will likely compensate for the shutdown of nuclear power plants by running other generators with oil, which should boost crude imports.
Benchmark West Texas Intermediate for April delivery fell 69 US cents to US$100.47 per barrel in morning trading on the New York Mercantile Exchange. Earlier it dropped below US$99. In London Brent crude lost 15 US cents at US$113.69 on the ICE Futures exchange.
Many Japanese power plants can run on liquefied natural gas and crude oil, though they'll likely favor oil, according to Michael Lynch, president of Strategic Energy & Economic Research.
A second hydrogen explosion rocked a stricken nuclear power plant in Japan, sending authorities scrambling to avert a meltdown.
The crisis at Japan's nuclear plants created doubts about the growth prospects of the industry.
Among companies affected the most were those with exposure to Japan and the nuclear industry. General Electric Co, which has combined nuclear ventures with Hitachi Ltd, fell 2 percent to US$19.93. Shaw Group Inc fell 16 percent to US$32.20.
The Market Vectors uranium and nuclear energy exchange traded fund fell more than 17 percent, while the Global X Uranium ETF fell 17.5 percent.
Insurers with likely exposure to Japan lost ground. Shares of Aflac Inc fell 2.8 percent to US$54, while AIG lost 1.2 percent to US$36.90.
The Dow Jones industrial average was down 36.86 points, or 0.31 percent, at 12,007.54. The Standard & Poor's 500 Index was down 4.86 points, or 0.37 percent, at 1,299.42. The Nasdaq Composite Index was down 1.46 points, or 0.05 percent, at 2,714.15.
Oil prices also fell yesterday as analysts sorted out how much the disaster in Japan will affect global energy demand.
Analysts expect the country's energy demand will fall in the short term. Japan will likely compensate for the shutdown of nuclear power plants by running other generators with oil, which should boost crude imports.
Benchmark West Texas Intermediate for April delivery fell 69 US cents to US$100.47 per barrel in morning trading on the New York Mercantile Exchange. Earlier it dropped below US$99. In London Brent crude lost 15 US cents at US$113.69 on the ICE Futures exchange.
Many Japanese power plants can run on liquefied natural gas and crude oil, though they'll likely favor oil, according to Michael Lynch, president of Strategic Energy & Economic Research.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
