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Wednesday, August 10, 2011

8/10/2011 - Europe's Markets Plunge on Downgrade Fears

European equities slumped deep into the red after Wall Street stocks opened lower again.

Although Moody’s, Standard & Poor’s and Fitch all reiterated France’s triple-A rating and stable outlook, some investors fear the euro zone's second-largest economy could lose its top-notch rating, further exacerbating the sovereign-debt crisis.

The FTSE 100 index in London was down 2.9%, the DAX in Frankfurt was down 5.4% and the CAC-40 in Paris was 4.6% lower. In the U.S., the Dow Jones Industrial Average was down 3.7%, while the S&P 500 was 3.6% lower.

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