Update: And now stocks are up slightly again. This market is wild.
Original post: After being up all morning, the Dow is now down 20.
The S&P is off a few points, and gold is up 10.
The selling commenced the moment the market got wind of Standard and Poors downgrading Spain to AA, which was a follow on to yesterday’s downgrades of Greece and Portugal.
Obviously Spain is a problem on a MUCH bigger scale than Greece or Portugal, as it’s truly too big too rescue.
The downgrade came just as the market was closing in Spain, slamming the IBEX.
More to come…
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