NEW YORK -Fears over the escalating nuclear crisis in Japan overtook financial markets around the globe Tuesday, pushing stocks and other investments lower. The Japanese stock market lost 10 percent of its value, and Wall Street dropped steeply before bouncing back.
Global markets have climbed and the price of oil fallen after Hosni Mubarak stepped down as Egypt’s president.
“The market will be worried about the risk of contagion within the region and whether the Egyptian example will create a domino effect . They will be looking to be reassured that the region will remain stable over the coming weeks and months.”
On Wall Street, the Dow Jones iindex Dow rose 43.97 points, 0.4%, to 12,273.3, its highest close since June 2008. The Nasdaq index rose 0.7% to 2,809.4 points.
In London, the FTSE 100 shrugged off heavy losses to finish 0.7% higher at 6,062.9 points, while the key French and German markets also enjoyed late surges.
The new star of the show for commodities is sugar, which stormed out to a new high by 1.9% after word that a cold front had virtually wiped out Florida’s sugar cane crop, which is the largest in the United States.