Nuclear Fears Unnerve Markets
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It was a nerve-wracking day for US investors Wednesday. Although Japan's market finally rebounded after two days of intense selling, concerns about the escalating nuclear crisis in the devastated country continued to dominate the news.
The Dow finished down 242 points to 11,613, the Nasdaq fell 50 points and the S&P 500 fell 25 points. In Japan, the Nikkei rose 6.5 percent after falling 11 percent on Tuesday and 6 percent on Monday. The VIX, or the fear index, jumped over 21 percent to 29.40 an eight month high, and the dollar tested a all-time low versus the yen of 79.75.
After trading lower at the open, markets plunged at around 11AM ET on headlines from EU energy commissioner Günther Oettinger suggesting the situation at the Fukushima nuclear power plant was an "apocalypse" and that he sees the "worst in the hours and days to come." The EU later played down these comments, saying Oettinger has not been at the site.
The International Atomic Energy Agency's (IAEA) Director General Yukiya Amano announced today that he would visit Japan on Thursday to get a better handle on the situation. Mr. Amano said a total of four units at the Fukushima plant sustained core damage and that the fuel rods at units 4, 5 and 6 remain exposed. He called situation at the plant serious, but not "out of control."
In the US, the Nuclear Regulatory Commission (NRC) chairman Gregory Jaczko said, "We believe that secondary containment has been destroyed and there is no water in the spent fuel pool and we believe that radiation levels are extremely high which could possibly impact the ability to take corrective measures."
A number of countries are asking their citizens to leave Japan or at the very least move far away from the Fukushima Daiichi power plants. The US told its citizens they should be a least 50 miles away from the area. This is a much larger area than the 18 miles the Japanese government is recommending.
The Dow finished down 242 points to 11,613, the Nasdaq fell 50 points and the S&P 500 fell 25 points. In Japan, the Nikkei rose 6.5 percent after falling 11 percent on Tuesday and 6 percent on Monday. The VIX, or the fear index, jumped over 21 percent to 29.40 an eight month high, and the dollar tested a all-time low versus the yen of 79.75.
After trading lower at the open, markets plunged at around 11AM ET on headlines from EU energy commissioner Günther Oettinger suggesting the situation at the Fukushima nuclear power plant was an "apocalypse" and that he sees the "worst in the hours and days to come." The EU later played down these comments, saying Oettinger has not been at the site.
The International Atomic Energy Agency's (IAEA) Director General Yukiya Amano announced today that he would visit Japan on Thursday to get a better handle on the situation. Mr. Amano said a total of four units at the Fukushima plant sustained core damage and that the fuel rods at units 4, 5 and 6 remain exposed. He called situation at the plant serious, but not "out of control."
In the US, the Nuclear Regulatory Commission (NRC) chairman Gregory Jaczko said, "We believe that secondary containment has been destroyed and there is no water in the spent fuel pool and we believe that radiation levels are extremely high which could possibly impact the ability to take corrective measures."
A number of countries are asking their citizens to leave Japan or at the very least move far away from the Fukushima Daiichi power plants. The US told its citizens they should be a least 50 miles away from the area. This is a much larger area than the 18 miles the Japanese government is recommending.
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