Stocks Slump at Session's Half as Europe Deal Evaluated; Commodities Trade Lower
Stocks are down in mid-day trading while questions rose anew about whether steps taken by euro-zone leaders at the end of last week would effectively stem the debt crisis there.
The deal announced Friday made tougher fiscal rules binding on euro-zone nations and levied automatic sanctions for those countries that violate them. Still, analysts have been skeptical about the ability of the measures to fix high short-term borrowing costs for countries carrying high debt loads.
Also, Moody's said today that it will take another look at European Union credit ratings during the first quarter of 2012, MarketWatch reports.
The U.S. economic calendar was light today.
Commodities are down as February gold contracts are down $51.20 to $1,665.60 an ounce while January crude oil contracts are down $1.67 to $97.74 a barrel.
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