Markets bouncing around on every headline from Japan

For an hour or so this morning, after an encouraging report about the prospect of power being restored at the nuclear power plant, stocks started clawing back from their earlier lows. Now the Tokyo Electric Power Company says it can't confirm when the power line will be complete. In addition, the chairman of the U.S. Nuclear Regulatory Commission told Congress today that the damage at one crippled reactor was much more serious than Japanese officials had acknowledged. Specifically, he says that all the water in the spent fuel pool at the No. 4 reactor had boiled dry. That would leave fuel rods stored there completely exposed. After those reports, the market resumed its downward movement. The Dow wound up losing 242 points on the day - and much of the session was influenced by these fragments of information that may or may not be reflecting the full picture. One other important point: Because of the earthquake, many of the gauges at the nuclear power plants are not working properly. So perhaps the readings should not be relied on? What a confounding situation.