hey... we're talking globalization here, right...?Greece’s credit rating was lowered to junk status Tuesday by a leading credit agency, a decision that rocked financial markets and deepened fears that a debt crisis in Europe could spiral out of control.
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“This is a signal to the markets that the situation is deteriorating rapidly, and it’s not clear who’s in a position to stop the Greeks from going into a default situation,” said Edward Yardeni, president of Yardeni Research. “That creates a spillover effect into Portugal and Spain and raises the whole sovereign debt issue.”
and here comes that pesky globalization thingy...Stocks tumbled Tuesday in a global sell-off after Standard & Poor's downgraded the credit ratings of Greece and Portugal.
The Dow Jones industrial average lost 213.04 points, or 1.9 percent, to close at 10,991.99, while the broader Standard & Poor's 500-stock index fell 28.34, or 2.3 percent, 1183.71. The tech-heavy Nasdaq dropped 51.48, or 2 percent, to 2471.47.
Overseas markets also took heavy losses Tuesday, with London's FTSE and the Dax in Germany both down more than 2 percent.
so... whaddaya think... will THIS be the falling of the house of cards...? hmmmmm...? Labels: Dow Jones, economic collapse, financial meltdown, globalization, Greece, Portugal, sovereign debt, Spain
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