Monday, 08 August 2011 14:59

S & P Downgrades Freddie Mac, Fannie Mae, Dow Tumbles

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Wall StreetMore bad news for the U.S.'s economy:

The Dow has dropped 2% since opening today.  Freddie Mac and Fannie Mae, mortgage finance agencies backed by the U.S. are downgraded by S & P.

 

The Dow Jones industrial average tumbled more than 250 points minutes after the opening bell on Wall Street and was down as many as 375 points in mid-morning trading. 

S&P's announced Friday that it was reducing its credit rating for long-term U.S. government debt by one notch, from AAA, the highest rating, to AA+.

 

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