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Dow continues slide on global economic worries, Greek bank downgrades - (aapl, bac, stock market, dow jones, msft)

Nikkei 225 | 09:27 | 0 comments


US equities mostly continued Thursday's slide as worries over the direction of the global economy continue to grip investors.

As at 10.33 am EDT, the Dow Jones Industrial Average was down 21.12 points, or 0.2%, at 10,712.71. The S&P 500 however recovered slightly, trading up 0.07% or 0.84 points at 1,130.40 and the tech-focused NASDAQ was 0.35% higher at 2,464.21.

Europe's debt crisis has gripped markets for the past months, and to make matters worse, in an interview with Reuters, Deutsche Bank warned that European banks could suffer more losses than anticipated on Greek debt.

Ratings agency Moody's also downgraded the credit ratings of eight Greek banks, slashing them further down into junk status.

G-20 finance ministers said they are committed to a "strong and coordinated international response" to address the concerns facing the global economy, specifically with regards to Europe. The group highlighted that it will implement actions to expand the bailout fund for debt-stricken countries in the eurozone by its next meeting in October.Read More

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