Saturday, 25 May 2013 19:29
Posted by Muhammad Iqbal
NEW YORK: The 7.3 percent plunge in Japanese stocks during the week injected needed sobriety into US markets, but they showed a resilience that cheered investors worried about protecting the year's gains.The drop in Tokyo Thursday a modest correction in the context of the Nikkei 225's 21 percent climb in five weeks sent other Asian and European markets sinking by more than two percent.But US stocks fended off the selling pressure, the S&P 500 finishing just 0.28 percent lower for the day, sending a sigh of relief around the world.Traders remained cautious Friday, with stocks virtually unchanged for the day. That left the markets lower for the five-day period after three straight weeks in which the Dow and S&P finished at all-time highs."Our markets have been pretty extended, and certainly things don't go up for ever," said Michael James of Wedbush Securities."For the market to take a bit of a ...