US STOCKS-Wall St edges lower after Japan quake, data

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Thu, Mar 10 2011

Fri Mar 11, 2011 10:37am EST

* Massive earthquake rocks Japan

* China inflation accelerates

* Consumer sentiment below expectations

* Indexes off: Dow 0.4 pct, S&P 0.2 pct, Nasdaq 0.4 pct

* For up-to-the-minute market news see [STXNEWS/US] (Updates to early morning, with University of Michigan data)

By Chuck Mikolajczak

NEW YORK, March 11 (Reuters) - U.S. stocks edged lower on Friday after a massive earthquake hit Japan and a disappointing reading on consumer sentiment.

The biggest earthquake on record to strike Japan triggered a roughly 30-foot tsunami, killing hundreds of people and sweeping away everything in its path, including houses, ships and cars. For details, see [ID:nL3E7EB0MF]

U.S. consumer sentiment fell to its lowest level in five months in early March as gas prices rose, a survey released on Friday showed. [ID:nN10186886]

The data ran counter to a report from the Commerce Department showing retail sales rose 1.0 percent, the largest gain since October and in line with expectations. [ID:nCAT005392]

"The market held together well because of the retail sales numbers," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

"But those are not good numbers when you think about the future of retail sales. This is going to take some of the upward momentum out of the market."

The Dow Jones industrial average .DJI dropped 42.50 points, or 0.35 percent, to 11,942.11. The Standard & Poor's 500 Index .SPX lost 2.64 points, or 0.20 percent, to 1,292.47. The Nasdaq Composite Index .IXIC fell 9.46 points, or 0.35 percent, to 2,691.56.

Among insurers likely to have exposure in Japan, Aflac Inc (AFL.N) fell 1.5 percent to $54.87 and Berkshire Hathaway Inc (BRKb.N) lost 0.8 percent to $84.26. The KBW Insurance index .KIX fell 0.8 percent.

Oil prices fell, with Brent crude futures LCOc1 down 1.2 percent to $114, and U.S. crude CLc1 off 2.2 percent at about $100.

http://www.reuters.com/article/2011/03/ ... 9820110311