Stocks Collapse: Here's What You Need To KnowSubmitted by Bob-45 on Thu, 06/21/2012 - 17:57
STOCKS COLLAPSE: Here's What You Need To Know
Eric Platt and Mamta Badkar | Jun. 21, 2012, 4:00 PM | 3,501 |
Markets plunged ahead of Moody's expected downgrade of the banking sector.
But first, the scoreboard:
Dow: 12,573.57, -250.8, -1.96%
Nasdaq: 2,859.09, -71.3, -2.44%
S&P 500: 1,325.51, -30.1, -2.23%
Here's what you need to know.
Before 8:00 a.m., Sky News reported rumors that Moody's would initiate downgrades of the U.K. banking sector. The report slowly gained its teeth. First Barclay's was identified as a potential candidate. Minutes later RBS, Lloyd's, and HSBC had their names thrown in.