Possible downgrade

The three major indexes each dropped over 1% today, led by the S&P 500 falling 1.42%. The markets were hurt buy S&P's announcement that it had placed about $12.1 billion in mortgage securities backed by subprime loans at risk of a rating downgrade, saying the sector had performed more poorly than the rating agency expected. Home Depot announced that its earnings will decline this year more than previously expected because of weak conditions in the housing market and the sale of it wholesale distribution business. DJIA -148.27 Nasdaq -30.86 S&P 500 -21.73