Market lowers as Fitch Degrades Spain’s Credit Rating
American sensex drifted lower in early afternoon trading after Fitch downgraded Spain’s credit ratings.
It not affected the american indexes, but it aslopushed the euro lower, to $1.2318 from $1.2362 late Thursday.
Fitch degraded Spain’s rating to AA+ from AAA, saying that the country’s debt is will probably decide on its growth.
Spain’s Credit ratings affected many as the Dow Jones industrial average was also down by 1.22 percent, in afternoon trading.
There are more in the list, the broader Standard & Poor’s 500-stock index along with the technology heavy Nasdaq were both down by 1.26 percent. Win Thin, senior currency strategist for Brown Brothers Harriman & Company, wrote in a research note.
“Spain is coming increasingly into the crosshairs due to negative developments in its banking system, and the lines of contagion from Greece are growing.”
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Posted by AnnabelleLion on May 29 2010 Filed under Business. You can follow any responses to this entry through the . You can leave a response or trackback to this entry
