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The Dow Jones ended the last trading session in the green but this was not enough to push the index composite into positive territory last week. The positive momentum that built through the trading session on Friday did not appear to carry through the weekend to help opening this morning. Prior to opening bell this morning, stock future tracking revealed the the major index composites were posting red values during pre-market trading. The Dow Jones was red by .51 percent at this point. The Nasdaq was .40 percent and the S&P 500 was red by .61 percent. At open the market experienced sharp sell offs as Standard & Poor’s lowered its outlook for America’s long term credit rating from “stable” to “negative”. The outlook was based on the continuing political debate about the United State’s fiscal problems and there is a one-in-three chance that the long term rating could be lowered at some point in the next two years. At this time policymakers have revealed separate plans to reduce the deficit but the gap between the parties has left the U.S. with no specific plans to control the ballooning deficit or contend with the fiscal deterioration. As sentiment drops over the recent report from Standard and Poor’s, investors anxiously await for members of the S&P 500 to reveal quarterly results. Approaching mid day the major market indexes are trending in the red. The Dow plunged 214.14 points or 1.74% to 12,127.69. The Nasdaq dropped 52.44 points or 1.89% to 2,712.29. The S&P 500 lost 21.91 points or 1.65% to 1,297.85. The U.S. Treasuries 10-year yield remains flat at 3.41%. Oil drops 1.13 to $107.01 a barrel. Author: Pamela Frost
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