The devastating earthquake and tsunami which occurred in Japan on Friday, March 12, 2011 resonated effects on the financial world. Among the financial institutions impacted, insurance companies swiftly acted to assess their damage liability.
The markets had already started on a bear market path when on Thursday, March 11, 2011 the support line that had been following the major US indices broke down after remaining intact for the past eight months. In reaction, there were massive selling and within 24 hours the major US index futures lost over two percent. It appears the sleeping bear has woken up from a long awaited slumber. Combining Thursday’s technical events with the tsunami’s ripple effects into the financial markets, we may be now solidly entering a bear market period.
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