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Japan's Nikkei Plummets as Yen Soars Against U.S. Dollar

5/02/16 7:24 AM EDT
Wall Street starts the week looking overseas. The Nikkei index in Japan plummeted 3% on continued strength in the Yen. The Nikkei fell to a 3 week lo and the yen hit an 18 month high compared to the U.S. dollar. The yen climbed after the U.S. Treasury put Japan on a new currency monitoring list along with 4 other countries that have large trade surpluses with the United States. Markets in China and Hong Kong were closed for a holiday. Halliburton (HAL - Get Report) and Baker Hughes (BHI - Get Report) terminated their 28 billion merger agreement following opposition from U.S. and European regulators. Reuters says the deal would have brought together the world's number 2 and 3 oil service companies, raising concerns it would have resulted in higher prices in the sector. Puerto Rico is expected to default on a debt payment due today. Marketwatch says the island nation won't make the $422 million payment which could move the country deeper into a financial crisis. Prince's estate goes into probate in a Minnesota court today. The late musician left no will.
Stocks in this video: BHIHAL
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