U.S. stocks weakened today as European indices headed south.
Those European indices, which were weak all morning, weakened further about 11am ET, upon hearing that Portugal's long term sovereign credit ratings were lowered by S&P to A- from A+.
S&P noted that "we expect the Portguese government could struggle to stabilize its relative high debt ratio over the outlook horizon until 2013."
About a half hour later, S&P also downgraded Greece's sovereign credit rating to junk status.
Most European indices ended the trading session at the lows for the day: Greece down 6 percent, Portugal down 4.5 percent, Spain down 4.2 percent, France down 2.7 percent, Germany down 2.7 percent, Great Britain down 2.6 percent.
Not surprisingly, as of this writing, U.S. stocks stabilized now that Europe has closed.
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