Tokyo stocks dive nearly 3% to 2-week low on U.S. woes, strong yen

Kyodo via Breitbart ^ | May 14, 2009 | Kyodo

[Jet Jaguar]

Tokyo stocks tumbled nearly 3 percent Thursday to the lowest closing levels in about two weeks as gloomy April retail sales rekindled worries about the U.S. economic outlook and a stronger yen exacerbated damage to Japanese exporters.

The 225-issue Nikkei Stock Average lost 246.76 points, or 2.64 percent, from Wednesday to 9,093.73, a closing low since May 1, when it logged 8,977.37.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was down 26.09 points, or 2.94 percent, to 862.66, also the lowest since May 1, when it wrapped up at 846.85.

Stocks declined across all of the TSE's 33 industrial sectors, led by mining, securities and consumer finance issues.

Taking a cue from Wall Street's dive overnight after reports on weaker-than-expected U.S. retail sales in April, pressure to sell mounted as hopes for brighter prospects took a dent and investors became wary that the bottoming-out of the U.S. downturn would be delayed.

"U.S. retail sales in April, which fell short of market expectations, hampered recent expectations for economic recovery," said Masumi Yamamoto, a market analyst at the global product planning department of Daiwa Securities SMBC Co. "That in turn affected the yen-dollar exchange rate."

[trumandogz]

We can just hope and pray that the market as already seen bottom.

[A Navy Vet]

"We can just hope and pray that the market as already seen bottom."

Probably has at DOW 66XX something. However, don't be surprise if you see a low 7300. Bear market rallies are deceiving. The US and other "emerging market" economies are still in trouble.

Put your money in energy stocks! I've already made 40,000 dollars in CHK since 2/09. It will only go up from there.

Of course, I haven't recouped my losses from the high last year. But, I'm getting close. Fire your financial adviser and subscribe to Morningstar and Motley Fools. Read/research and only buy stock that have low debt, high cash, and a possible wide moat (little competion). Research, research, research, as in real estate, location, location, location.