It looked like it was going to be a modest up day. That was until the final few minutes.
But first, the scoreboard:
S&P 500: -3.15
And now, the top stories:
- The crisis in Japan keeps getting worse. CDS spreads on TEPCO blew out, there’s talk of nationalizaing the company, and plutonium was found in the ground around the plant.
- Over the weekend, Europe was dealt more political setbacks, as both Merkel and Sarkozy lost big in regional elections.
- In the Mideast, there was more bombing and fighting everywhere: Syria, Jordan, Libya, Yemen, you name it.
- So, stocks did nothing. They were up earlier in the day, and then they faded. Nothing too radical. Commodities were generally lower.
- In terms of econ news, there was some decent data on spending, though again, nothing too wild. One big group of winners was the oil servicers, on hopes that the Mideast nations will have to crank up their production to satisfy the masses.
- One big debate that’s happening right now concerns US taxes. Click here for GE’s explanation for why it’s at a big disadvantage in the US tax code >