World Business
Wall Street tumbles most in nearly 3 months
(Xinhua)
Updated: 2010-04-28 09:42
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NEW YORK: Wall Street tumbled Tuesday, with the Dow Jones industrial average falling more than 200 points, as market sentiment was badly hurt after Standard & Poor's cut its rating on Greece.
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Traders work at the New York Stock Exchange (NYSE) in New York, US, April 27, 2010. US stocks fell sharply on Tuesday after the downgrading of the debt of Greece and Portugal, exacerbating market's concerns over spreading debt crisis. [Xinhua] |
Standard & Poor's cut its long-term sovereign credit rating on Greece to junk status on Tuesday, as the ratings agency said medium-term financing risks related to the government's high debt burden are growing despite the government's already sizable fiscal consolidation plans. S&P's outlook on Greece is also negative, meaning the agency could downgrade the rating again.
Meanwhile, the US dollar was boosted as investors ran for the exits from riskier assets. The Dollar Index gained nearly 1 percent, dragging commodities and related stocks down.
Meanwhile, investors were keeping a close eye on the Goldman Sachs as the CEO Lloyd Blankfein and other top executives from the bank were grilled in the Capital Hill on its role in the financial crisis and the extent it benefited from the collapse of the housing market.
