The newest headline on CNBC that you're referring to, stated that Japan's economy might be down for the next few months. Does it take an MBA to figure that out? They actually pay people for writing that stuff, it's almost unbelievable. That country was partially decimated by the earthquake and tsunami. That news might bring the market down early, but it will recover to sideways or down 20-30 points. JMO
Japan business mood to worsen after quake (Reuters) Reuters - Japanese big manufacturers expect conditions to worsen significantly in the next three months, responses to a Bank of Japan survey collected after the March 11 earthquake showed on Monday. It was a reversal of the full survey results.