By: John Darsie of T3Live
Wednesday was a volatile roller-coaster for the markets, as more fears of nuclear meltdown in Japan triggered a sharp late-morning sell-off. The day started off quietly after yesterday’s morning gap down and bounce, with the market drifting higher following a slight down open. However, stocks were sent tumbling when the EU energy chief made comments that he anticipated a possibly catastrophic event in Japan. Immediately following that were more comments from Japanese officials expressing concern over used fuel rods at two reactors at the Fukushima Daiichi plant.
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The market continued to fall through the early afternoon, accelerating through yesterday’s opening low. After hitting 1250, the S&P got a strong bounce amid reports a new power-line was close to being ready that could restore power to the reactors’ cooling systems. The big concern obviously remains a catastrophic nuclear meltdown in Japan, which is still possible at the stricken nuclear facilities. Although overshadowed by the situation in Japan, there is also escalating unrest in Bahrain, and Saudi troops have crossed the border to begin violent crackdowns.
