The Dow Jones Industrial Average fell 634.76 points on Monday to end the day at 10809.85. The decline resulted in a one day loss of 5.5%. Equity markets in Asia, South Korea, Japan, Hong Kong, and Australia all trended downward as well.
The Monday decline follows the Friday announcement by Standard and Poor's to downgrade the U.S.'s credit rating. The rating was lowered from AAA to AA+. The downgrade reflects the urgency for congressional officials to focus on a long-term plan for fiscal stabilization.
Wall Street Journal, August 9, 2011
Markets Open Higher After Wild Drop
Downgrade Ignites a Global Selloff
Tuesday, August 9, 2011
Monday, August 1, 2011
Thursday, July 28, 2011
Debt-Crisis Vote Goes Down to Wire in House
Wall Street Journal, July 28, 2011
Debt-Crisis Vote Goes Down to Wire in House
Debt-Crisis Vote Goes Down to Wire in House
Saturday, July 23, 2011
Wednesday, July 20, 2011
Monday, July 18, 2011
'Stress Tests' Fail to Ease Pressure on Euro
On May 1 the euro reached its peak for the year based on euro to dollar conversions, buying 1.483 USD. Since May it has begun a slow decent following news of Portugal’s aid request and Greece’s debt restructuring. Recent news of only eight reported banks failing the 90 bank stress test conducted by the European Banking Authority gave the euro a boost to begin the week. However, further details from the test and Greek’s debt restructuring uncertainty are likely to continue the downward trend, pushing the euro to near the 1.36 USD mark.
Wall Street Journal, July 18, 2011'Stress Tests' Fail to Ease Pressure on Euro
Wall Street Journal, July 18, 2011
Thursday, July 14, 2011
Bernanke Remarks Boost Dollar
The dollar gained on Thursday following Federal Reserve Chairman Ben Bernanke’s statements that the Federal Reserve is not likely to enter into a third round of quantitative easing. An agreement in Washington between Republicans and Democrats for spending cuts amounting to $1.5 billion also boosted the dollar and gained positive momentum for debt-ceiling talks.
Wall Street Journal, July 14, 2011
Bernanke Remarks Boost Dollar
Wall Street Journal, July 14, 2011
Bernanke Remarks Boost Dollar
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