Quake Hits Off Taiwan

A 3-foot-high tsunami was rolling toward the east coast of the Philippines Tuesday after a large earthquake hit off the shores of Taiwan.

Japan's Meteorological Bureau said there was the "possibility of a destructive local tsunami," according to the Associated Press. The quake comes on the two-year anniversary of a gigantic earthquake off Indonesia that produced a tsunami that ultimately killed more than 200,000 people.

Officials in Taiwan said the earthquake had a magnitude 6.7. The U.S. Geological Survey said the quake was a 7.1. Reports said a magnitude 6.4 aftershock followed the initial quake.

Dow Jones reported that Taiwan Semiconductor (TSM Quote - Cramer on TSM - Stock Picks) resumed operations at its local plants and that chip foundry United Microelectronics (UMC Quote - Cramer on UMC - Stock Picks) said its factories weren't affected.