US markets drop on global credit worries
December 9th, 2009 - 6:29 am ICT by IANS ( Leave a comment )
New York, Dec 9 (DPA) US stocks fell Tuesday, following a retreat in global markets amid credit worries for Dubai and Greece.
Moody’s Investor Service downgraded its credit rating for a series of companies controlled by Dubai’s government, which is in trouble after state-owned Dubai World last month asked to postpone payments on a $60-billion debt.
Moody’s warned that the United States and Britain were testing its patience with skyrocketing public debt levels, though neither was in immediate danger of being downgraded.
Another credit agency, Fitch Ratings, downgraded its rating for Greece amid concerns about its public finances. The two downgrades, as well as a drop in German industrial production, had pushed European stocks down more than 1 percent earlier in the day.
US stocks were unmoved by President Barack Obama’s call for a new spending package to revive the US economy and tackle unemployment. Leading Democrats in Congress said the proposals could total as much as $150 billion.
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Tags: barack obama, congress, credit rating, debt levels, democrats, downgrades, dubai, economy, european stocks, fitch ratings, global credit, global markets, greece, investor service, new york dec, patience, proposals, public debt, public finances, unemployment
