Stocks End Higher Despite Japan Earthquake
Stocks in U.S. ended higher despite a devastating earthquake in Japan, which also triggered a massive Tsunami. The quake was the fifth biggest in history.
The Dow Jones ended the day 0.50% higher at 12,044.40, the S&P 500 ended the day 0.71% higher at 1,304.28, and the Nasdaq ended the day 0.54% higher at 2,715.61.
The gains in the equity market today were led by Energy and Basic Materials stocks. Basic Materials stocks ended the day 1.13% higher, while Energy stocks ended the day 1.07% higher. Industrials also gained in trading today, ending 0.78% higher. Consumer Cyclical stocks were the worst performers in trading today, ending 0.14% lower.
Among the major gainers and losers in trading today were 99 Cents Only Stores Inc. (NYSE: NDN), which ended the day 17.39% higher at $19.58, AnnTaylor Stores Corp. (NYSE: ANN), which ended the day 12.72% higher at $27.29, CVR Energy Inc. (NYSE: CVI), which ended the day 9.44% higher at $20.17, Aeropostale Inc. (NYSE: ARO), which ended the day 6.41% lower at $23.05, Suntech Power Holdings Co. Ltd. (ADR) (NYSE: STP), which ended the day 5.08% lower at $8.04, and Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR), which ended the day 4.62% lower at $58.86.
ADRs of major Japanese companies finished lower following the earthquake. Among the major losers were Toyota Motor Corporation (ADR) (NYSE: TM), which ended the day 2.14% lower at $85.65, Honda Motor Co. Ltd. (ADR) (NYSE: HMC), which ended the day 2.43% lower at $39.74, and Sony Corporation (ADR) (NYSE: SNE), which ended the day 2.36% lower at $33.45.
The earthquake in Japan also pushed crude oil lower. Japan is third biggest oil consumer in the world. The quake is expected to weaken demand for oil from Japan, and hence the drop in prices. Crude oil for delivery in April settled 1.5% lower at $101.16 a barrel. Earlier in the day, prices fell below $100 a barrel for the first time this month.
