US stocks resilient after Japan disaster

Mar 14th 2011, 17:25

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NEW YORK: US markets held up Friday despite traders grappling with the economic impact of a massive
earthquake and tsunami in Japan, the world's third-largest economy.
"The US equity markets have turned higher in afternoon action, showing some resiliency in the face of a
magnitude 8.9 earthquake that hit Japan and resulting tsunami," Charles Schwab analysts said in a client note.
In early trade stocks had fallen before recovering, but oil and commodity prices tumbled as traders struggled
to measure the effects of a disaster in one of the world's most important and inter-connected markets.
"Anyone who tells you that they have a handle on the economic consequences of this event is wrong," said
Carl Weinberg, a top economist with High Frequency Economics, reflecting the market's nervousness.