Monday, August 08, 2011

Wall Street Sell Off Continues As Markets Open Sharply Lower

NEW YORK — Wall Street tumbled again Monday amid a rout in global stocks after rating agency Standard & Poor’s downgraded the U.S. credit rating for the first time.

S&P cut the long-term debt rating for the U.S. by one notch to AA+ from AAA late Friday. The move wasn't unexpected, but it comes when investors are already feeling nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake.

The agency’s move came after a wild week for U.S. stocks — the worst in more than two years — as lingering concerns about sluggish economic growth and heavy public debt loads in developed economies dented investor sentiment.
Read the rest here.

No comments: