Standard & Poor’s downgraded its credit rating outlook on the US from stable to negative, due to uncertainty the US will agree on addressing its deficit challenges. S&P said, “We believe there is a material risk that US policy makers might not reach an agreement on how to address medium-and-long-term budgetary challenges by 2013.”
The Dow Jones Industrial Average lost 140 points (1.1%) to 12,202, the S&P 500 Index was 15 points (1.1%) lower at 1,305, and the Nasdaq Composite declined 29 points (1.1%) to 2,735. WTI crude oil fell $2.54 to $107.12 per barrel, and the Bloomberg gold spot price increased $9.45 to $1,496.33 per ounce.
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