Stocks opened lower on Friday, led by J.P. Morgan‘s disappointing fourth quarter earningsand word that Standard & Poor’s is set to downgrade the credit ratings of a number of European governments.
As the Wall Street Journal reports, the ratingsagency could make the�announcement�as early as today; although it declined to comment on the situation, insiders are reporting that notice is already circulating in the Euro zone. Last month, �S&P put 15 countries on watch for a potential downgrade.
The DowandS&P 500 were both off 0.8% just after the start of trading, with the Nasdaqoff 0.7%.
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