U.S. stocks open lower on euro zone downgrade worries; DOW off 0.79%
Published Jan 13, 2012 10:07AM ET
Near the open of U.S. trade, the Dow Jones Industrial Average plunged 94%, the S&P 500 gave back 0.89% and the Nasdaq Composite fell 0.59%.
A Dow Jones report citing European sources reported that rating agency, S&P plan on downgrading several euro zone nations in the near future sending shares plunging.
The U.S. trade deficit widened more than forecast in November and consumer sentiment leaped to the highest level since May confirming recovery speculation.
JPMorgan Chase started the financial's decline falling 3.77% on slumping profits.
Bank of America and American Express followed lower dropping 4.79% and 1.29% respectively.
In late session European trade, the EURO STOXX 50 gave back 0.48%, France's CAC 40 dipped 0.51%, while Germany's DAX 30 fell 0.77%. Meanwhile, in the U.K. the FTSE 100 dropped 0.84%.
Investors are anxiously awaiting China's GDP Monday.
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Written By: Investing.com
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