U.S. Markets Tumble in Wake of Credit Rating Downgrade

NEW YORK (August 8, 2011)--U.S. stock futures are tumbling after Standard & Poor's downgraded the U.S. credit rating for the first time.

The ratings downgrade announced late Friday came after the Dow
Jones industrial average had recorded its worst week since 2009.

Asian and European stocks are down Monday.

The downgrade of U.S. debt is overshadowing bond purchases that the European Central bank is making to help Italy and Spain avoid defaulting on their debts.

Ahead of the opening bell, Dow Jones industrial futures are down
222 points, or 1.9 percent, to 11,181. S&P 500 futures are down 27,
or 2.3 percent, to 1,171.

Nasdaq 100 futures are down 50, or 2.3 percent, to 2,134.

Gold is above $1,700 per ounce for the first time because investors are looking for something safe.


KWTX-TV News 10 6700 American Plaza Waco, Texas 76712 (254) 776-1330 Fax (254) 751-1088
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 127221718