Dow down 242 because of Japan crisis. Nuke plant ‘effectively out of control’ says top EU energy official.

The numbers via CNN:

More on the reasons from the NY TImes::

The European Union energy commissioner Günther Oettinger said told lawmakers in Brussels that the Fukushima Dai-Ichi nuclear power was “effectively out of control.”

“In the coming hours, there could be further catastrophic events,” he said, according to Bloomberg News. That assessment was based on information from the European Union, the union’s mission in Tokyo, the International Atomic Energy Agency and media reports, he said.

“This spooked the markets,” an analyst at Brown Brothers Harriman, Marc Chandler, said.

In the close, the Dow Jones industrial average was down 242.12 points, or 2 percent. The broader Standard & Poor’s 500-stock index lost 24.99 points, or 1.95 percent, while the Nasdaq was off 50.51 points, or 1.89 percent.

I imagine a lot of 401-ks have taken a beating this week. But, Republicans on Capitol HIll are gearing up to cut Social Security.

On October 27, 2010, Joe was one of five bloggers who interviewed President Obama. Joe is a DC-based political consultant with over twenty-five years of experience at both the state and federal level. Joe has managed political operations and legislative efforts for both candidates and issues-based organizations. For seven years, he was the Director of State Legislation at Handgun Control, Inc. He served as that organization's first Political Director during the 2000 cycle. Joe is a graduate of the University of Maine School of Law. In addition, he has a Masters in Public Administration from Lehigh University and received his B.A. from the University of New Hampshire. Joe also has a fun dog, Petey, a worthy successor to Boomer, who got Joe through eight years of Bush and Cheney. Joe likes to think he is a world class athlete having finished the 2005 Chicago Marathon in the time of 4:10. He has completed six other marathons as well -- and is still determined to break the four hour mark.

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