Stocks finished with mild losses after a light trading day Tuesday, as investors digested signs of stabilization in Japan amid continued clashes in Libya and Yemen and uncertainties in Europe.
"We saw a lot of inaccurate information regarding the situation in Japan come out last Wednesday, and that sent a panic through the marketplace, but in the last two to three business days, we've seen a lessening of those worst case fears, which has brought the market back to what we feel is an appropriate midpoint," said Michael Strauss, chief economist and market strategist at Commonfund.
The Dow Jones Industrial Average finished lower by 18 down or 0.1% at 12,018.
Volumes were light on Tuesday's trading session, with only 685 million shares changing hands on the New York Stock Exchange. Volumes have been rising amid higher volatility in recent trading sessions.
Market sentiment was mixed as well, with 44% of the stocks traded on the NYSE advancing while 55% finished the day lower.
Japanese stocks surged Tuesday on signs that the nuclear crisis in Japan is stabilizing. Also giving investor confidence a boost, legendary investor Warren Buffett said that his view on Japan was unchanged, despite the devastating earthquake. Speaking at Daegu, South Korea, Buffett noted that the 9/11 terrorist attacks did not change the economic prospects of the U.S. and said that Japan will have the same energy and desire to move on from its crisis and focus on rebuilding. "I don't look at them differently from 10 days ago...Frequently, extraordinary events really create a buying opportunity," press reports quoted him saying.
Japan's Nikkei spiked 4.4% and Hong Kong's Hang Seng rose 0.8%.
Dow Jones Industrial Average
(DJI: ^DJI )
| Index Value: | 12,018.63 |
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| Trade Time: | 4:02PM EDT |
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| Change: |  17.90 (0.15%) |
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| Prev Close: | 12,036.53 |
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| Open: | 12,036.37 |
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| Day's Range: | 12,002.85 -12,050.98 |
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| 52wk Range: | 9,596.04 - 12,418.00 |
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