Stocks sink after S&P issues warning on US debt
NEW YORK - One analyst says it's a "warning sign" that the U.S. needs to get its deficits under control.
Standard & Poor's warned today that it might lower its rating on U.S. government debt because of the mounting budget deficits.
The move has sent stocks falling, with the Dow losing more than 200 points in morning trading.
European markets lost even more.
S&P reaffirmed the U.S. government credit rating at the highest level but said that it could lower the rating in the future if budget deficits aren't brought under control.