Tuesday, April 19, 2011

US markets fall on revised outlook

Source: Press TV

The US stock market has sharply dropped after a ratings agency downgraded its outlook for the American economy.

All three indices in the New York Stock Exchange dropped with the Dow Jones industrial average opening more than 1.62 percent down at 12, 141 points.

The Standard & Poor's 500 index opened nearly 18-points down -- with a drop of more than 1.3 percent.

Meanwhile, the Standard & Poor's ratings agency's outlook for the US has been revised down, well into negative territory.

The agency cites a growing risk that US policymakers may not reach agreement on solving the country's massive budget deficit.

S&P's new outlook for the US economy comes amid popular uprisings in the Middle East and North Africa, which have also triggered a sharp rise in oil and gold prices.

Following the announcement, gold closed at a new high of USD 1,493 an ounce compared with USD 1,476.75 previously.

The dollar initially fell against the euro on the S&P announcement, but then recovered to stand 1 percent higher than Friday's level at EUR 1.12.

The US Treasury responded that S&P had underestimated its ability to tackle the national debt.

The US budget shortage hit a record USD 1.65 trillion this year, or 10.9 percent of GDP, according to figures in Obama's 2012 budget.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

Venezuela News and Opinion

Yemen News 2017

Palestine & Israeli Crime 2017

Iraq News 2017

US News 2017

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

The Russian Perspective

Turkey News 2017

Ukraine News 2016 - 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Abby Martin – Empire Files

George Galloway – Comment & Opinion

Sheik Imran Hosein - Islamic Eschatology

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)