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Bloomberg) U.S. stocks sank, erasing the 2011 gain for the Standard & Poor’s 500 Index, and Treasuries rallied as Japan’s nuclear crisis worsened. The yen rose to a 16-year high versus the dollar on speculation investors will buy the currency to fund rebuilding projects.
The S&P 500 lost 1.95 percent to 1,256.9 at 4 p.m. in New York, leaving it down 0.1 percent on the year. The iShares MSCI Japan Index Fund, an exchange-traded fund tracking the nation’s stocks, slumped 3.7 percent to the lowest price in six months. Ten-year Treasury yields fell 10 basis points to 3.21 percent, the lowest since December. The yen gained against all 16 major peers, rising as much as 1.2 percent to 79.76 per dollar.
Equities extended losses as the United Nations’ nuclear agency planned to call an emergency meeting to discuss the crisis after a breach at the stricken Fukushima Dai-Ichi plant increased the risk of a radioactive leak. The International Atomic Energy Agency said the three reactor cores containing fuel are damaged. The U.S. Embassy recommended American citizens living within 50 miles of the damaged power plant evacuate or take shelter indoors as a precaution. .............(more)
The complete piece is at:
http://www.bloomberg.com/news/2011-03-16/oil-rises-on-bahrain-violence-japanese-stocks-rebound-europe-shares-fall.html