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Stocks down, Japan pressures ease

Monday, March 14, 2011 - 01:51

Mar 14 - Summary of business headlines: Selling pressure eases on Wall Street by session's end; Luxury stocks fall on Japan exposure; Apple iPad 2 has strong debut, but Japan worries linger; Nasdaq could announce hostile NYSE Euronext bid. Conway Gittens reports.

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It was a down day on Wall Street as investors saw a clearer picture of the damage and devastation in Japan. But concerns weren't limited to the impact of a major earthquake and the resulting tsunami. A second explosion and a nuclear power plant compounded fears and added to worries about the use of nuclear energy. Luxury goods sector was also knocked lower 11% of global luxury sales come from Japan. Stocks specifically hit hard in that sector included Tiffany and coach. Both lost more than 5%. Apple sold close to one million I've had to tablet computers in its opening weekend according to analysts' estimates. Early demand was so strong best -- -- some of its location sold out of the device within ten minutes. This new iPad is selling quicker than the original iPad launched less than a year ago. But they are concerned the situation in Japan may impact international sales. There is growing speculation the NASDAQ could launch a hostile offer for NYSE Euronext. A source familiar with the matter says NASDAQ OMX could make a rival bid sometime this week taking on up to five billion dollars in debt. And selling off a part of the NYC to IntercontinentalExchange. The NASDAQ declined comment. The New York Stock Exchange is already in the deal with Deutsche boerse. The Wall Street action stocks bounced off a six week low but remained in negative territory. -- said his losses to finish slightly higher above 101 dollars a barrel. And in Europe stocks touched a three month closing low. Led by a drop in utility stocks. Cuddly kittens. Reuters.

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Stocks down, Japan pressures ease

Monday, March 14, 2011 - 01:51