Tuesday, April 27, 2010
A downgrade of Greece's credit rating to "junk" status sent stocks to their worst one-day loss in more than two months, causing the Dow Jones Industrial Average to fall below 11,000. The euro dropped against the dollar, weighing on the prices of oil and other commodities. That then hit the shares of raw-materials producers, worsening the declines in major stock indexes. Bank stocks were under pressure as a Senate committee grilled Goldman Sachs Group executives about their company's role in the recent financial crisis. The financial sector as a whole struggled today due to many traders pondering the potential implications for proposals to tighten regulation of Wall Street. In other markets, the U.S. Dollar Index, which tracks the U.S. currency against a basket of six currencies, shot up .6% today. DJIA -213.04 Nasdaq -51.48 S&P 500 -28.34.