Monday, March 05, 2007

Dow, Nasdaq Head Toward Lower Opening

NEW YORK — Wall Street appeared headed for a lower opening Monday as stock markets around the world suffered further selloffs.

The overseas pullback, in which Japan's Nikkei stock average saw its biggest one-day drop since June as the yen hit a three-month high against the dollar, resembled the selling that triggered the recent unease in world markets last Tuesday.

Investors could find some relief from comments attributed to U.S. Treasury Secretary Henry Paulson by Japan's finance minister, Koji Omi. Neither Omi nor Paulson, who began a three-nation Asian tour in Tokyo on Monday, were concerned by the fluctuations in regional stock markets, Omi told reporters in Tokyo. Both men contend the market mechanism was functioning well, Omi said.

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