BOSTON (CBS) — There are mounting concerns over the global impact of that massive earthquake and tsunami in Japan which pushed stocks lower. Thousands of people have been killed in Japan, and fears are rising about the long term effects of the world’s third largest economy.
All 10 company groups that comprise the S and P 500 index are down and utilities have lost 1.5 percent. That’s the most of any group, a reflection of worries that the disaster may lead to dimming prospects for nuclear power plants in this country and abroad.
In the terms of one analyst, everything is linked now, and the effects from Japan will be felt globally. The chief economist at IHS Global Insight, Nariman Behravesh, told WBZ NewsRadio 1030’s Anthony Silva the negative effects will be quick but not long-lasting. Behravesh said for Japan, the effects may be a little longer because as much as 10 percent of Japan’s electric generating capacity is now offline, both nuclear and coal.
Listen to WBZ NewsRadio 1030’s Anthony Silva’s interview with Nariman Behravesh of IHS Global Insight.