CL Redux

March 16, 2011, 11:11 a.m. EDT
Stocks drop sharply on EU energy comments

SAN FRANCISCO (MarketWatch) -- U.S. stocks made a swift, deep retreat in midmorning trading Wednesday following reports of remarks from a European Union energy official on Japan's nuclear disaster. The Dow Jones Industrial Average (DOW-DJIA) was off 142 points at 11,714, skidding from a 39-point deficit. The S&P 500 (CME:INDEX:SPX) lost 14 points, or 1%, to 1,269. The Nasdaq Composite (NASDAQ:COMP) was off 22 points, or 0.8%, at 2,647.
 
Quote from NoDoji:

Bulls take the stairs, bears jump out the window :p


Bears!

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EU energy chief: Japan situation out of control
Financial markets skid as official warns of ‘catastrophic events’


By William L. Watts, MarketWatch

LONDON (MarketWatch) — Catastrophic events could unfold in the next few hours at Japan’s damaged nuclear site, the European Union’s top energy official said Wednesday, sending U.S. stocks lower and roiling financial markets.

“The site is effectively out of control,” Energy Commissioner Guenther Oettinger told a European Parliament committee, according to news reports. “In coming hours there could be further catastrophic events which could pose a threat to the lives of people on the island.”

A spokeswoman for the commissioner couldn’t immediately comment.

U.S. and European stock markets extended losses following the remarks.

The U.S. dollar and the Japanese yen, which have both been boosted by safe-haven flows amid the nuclear crisis, extended gains.

The dollar index (BOARD-DXY) , which tracks a basket of six major rivals, traded at 76.673, a gain of 0.5% on the day.
 
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