Photo: Richard Sunderland on flickr
Four down days in a row!But first, the scoreboard:
S&P 500: -10.39
- Japan was clubbed last night. News that the Fukushima crisis had been upped to a level 7 — not to mention the ongoing big aftershocks — is having a negative effect on things. That market ended down over 1.6%. Click here to see what a level 7 earthquake did to Chernobyl >
- Europe was pretty quiet — and things don’t look bad at all on the debt or currency front — but stocks fell yet again.
- In the US, stocks were weak all day. There was a double whammy of ugly economic news, first from the NFIB which showed small business optimism backsliding, and then from a February trade report that was weaker than expected.Yesterday’s mediocre earnings report form Alcoa also weighed on things.
- In the afternoon, reports emerged that the budget deal could collapse, though since the the budget deal never had that much of an impact in the first place, it seems implausible that there would be a big issue now. Still, it doesn’t help, and it confirms that the next, bigger budget fights are going to be a bear.
- Earnings season is really getting going. There’s a lot of eagerness to see how banks report.
- Other than stocks, the big losers were commodities. Goldman’s bearishness across the complex really took its toll on oil, gold, and copper. There was a lot of talk today about Cisco killing the Flip cam. Conversely, bonds did have a big day.
- For more to be anxious about, click here for signs the recovery is really starting to falter.