U.S. stocks are trading down today, after news that the Japanese nuclear crisis had surpassed that of the Chernobyl disaster of 1986. The nuclear plant in Fukushima had been crippled since the 8.8 earthquake and tsunami but there had been hope earlier that the fallout could be contained. In addition, aluminum giant Alcoa (NYSE: AA) also reported a disappointing quarter that failed to meet revenue expectations from Wall Street. This wasn't not the start to earnings season that investors had been hoping for. Wall Street will now wait to see if other major companies like JP Morgan (NYSE: JPM), Bank of America (NYSE: BAC) and Google (NASDAQ: GOOG) can impress investors with their quarterly announcements later this week. Goldman Sachs (NYSE: GS) cause quite a stir this morning as the financial firm said it expects a significant pullback in oil prices, leading to a 3 percent drop to $106 a barrel.
Major U.S. Indices
Dow: 12,262.18 (- 0.96 percent)
S&P 500: 1,313.53 (-0.82 percent)
Nasdaq: 2,746.83 (-0.89 percent)
Russell 2000: 823.34 (-1.26 percent)
In other news:
- The proposed AT&T (NYSE: ATT) and T-Mobile mergers have, as expected, raised a few questions with the FCC. [Bloomberg]
- Congress outlines its $39 billion in budget cuts, with the EPA and high-speed rail taking the brunt of the slashing. The nation's defense budget somehow would get a $5 billion increase. [WSJ]
- More on Alcoa's latest quarter. Profits were up and beat estimates, but revenue and outlook for aluminum demand are a concern. [Reuters]
- 10 stocks that investors are bearish on. Not too many surprises here. [The Street]
- France and Britain wants NATO to escalate its operation in Libya. NATO incredulously looks on. [NY Times]
Check back for more news.
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