New Japan Earthquake Pressures Markets, Gold Steady Thursday, April 7, 2011 10:11 am EST
A new earthquake hit Japan Thursday, sending U.S. financial markets lower in morning trading. Gold futures held firm near $1,460 per ounce following the news.
The earthquake was estimated at a magnitude of 7.4 on the Richter Sacle, and struck off the northeast coast of Japan at 9:32 a.m. EST, according to the U.S. Geological Survey. the National Weather Service later reported that a local tsunami warning was issued. the earthquake, which struck at 11:32 p.m. local time in Japan at a depth of 25 miles, was centered 215 miles northeast of Tokyo and 61 miles east of Sendai.
As headlines on the Japanese earthquake emerged, the S&P 500 Index quickly slid from 1,335 to 1,326, but just as quickly rebounded toward the flatline. Gold futures showed a modest reaction to the news, holding steady near $1,460 per ounce, just $8 from its all-time record high. the U.S. dollar initially fell against the Japanese yen, but quickly pared its losses to trade near the 85 level.
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