After a brief period in positive territory, stocks moved down mid-morning, then took another leg down as Fitch downgraded Italy credit rating to A+ (one notch above Standard and Poor's and Moody's) and downgraded Spain to AA- (a notch below S&P and Moody's).
Note that bank stocks had been in negative territory before the Fitch downgrade.
The euro dropped on the Fitch announcement.
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