The 8.9 magnitude earthquake that hit Japan today may be the biggest quake in 300 years to hit the country, sending tsunamis racing across the ocean in all directions, but the US stock market is holding firm.
In early trading, the Dow Jones was down just 0.1 per cent, while the NASDAQ Composite and S&P 500 were both up 0.2 per cent, according to the Wall Street Journal.
‘From a global economic impact, the North Africa/Middle East situation is probably much larger [than the impact of the earthquake],’ comments Arne Espe, vice president of mutual fund portfolios at investment manager USAA, in the WSJ article.
‘It looks like some of the European reinsurers are down today like Swiss Re, and in terms of an industry being impacted, that would be the biggest concern to investors.’
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