Fears Of Radiation Exposure Sink Stocks
Fears of widespread radiation exposure in Japan sank the markets with the Dow plummeting 205 points to 11,786. Nasdaq plunged 52 points to 2648.
On the upside
Concerns that radiation exposure will spark a backlash against nuclear power lifted shares of solar power companies First Solar (Nasdaq: FSLR) and SunPower (Nasdaq: SPWRA).
Broadwind Energy (Nasdaq: BWEN) was selected by Goldwind USA to supply approximately 70 wind turbines for installation in Lee County, Illinois.
Shares of Cleveland BioLabs (Nasdaq: CBLI), which makes drugs to treat radiation exposure, continued to rise as Japanese workers continued pumping water to cool nuclear reactors damaged by Friday's earthquake.
On the downside
The stock price of Aflac (NYSE: AFL), the largest cancer coverage insurance firm in Japan, tumbled over concerns of a surge in claims.
Uranium Resources (Nasdaq: URRE) stock continued falling over fears Japan will seek alternatives to nuclear power after a massive earthquake damaged the cooling systems at nuclear power plants.Brown Shoe Company (NYSE: BWS) disappointed with lower fourth quarter earnings that fell short of analyst expectations as expenses rose.In the broad market, declining issues outpaced advancers by a margin of 10 to 1 on the NYSE and by nearly 9 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points 783.
