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Downgrade batters U.S. stock markets

US stocks dropped sharply on Monday, while Treasury bond prices actually rose in the wake of Standard & Poor’s unprecedented downgrade of the United States’s credit rating. The Dow Jones Industrial Average plummeted 334.68 points (2.9 percent) to 11,109.93 at 1630 GMT. The broader S&P 500 dropped 45.64 points (3.8…

S&P downgrades mortgage giants Fannie, Freddie

Standard & Poor’s downgraded mortgage giants Fannie Mae and Freddie Mac from triple-A to AA+ Monday, citing their direct reliance on the US government, which it downgraded last Friday. S&P also downgraded 10 out of 12 Federal Home Loan Banks and the senior debt issued by the Federal Farm Credit…

AIG sues BofA for $10 billion alleging ‘massive fraud’

NEW YORK (Reuters) – The insurer AIG is suing Bank of America Corp to recover more than $10 billion of losses from a “massive fraud” on mortgage debt, deepening the morass of litigation faced by the largest U.S. bank. American International Group Inc, still largely owned by taxpayers after $182.3 billion…

Moody’s says U.S. needs to find more deficit cuts

NEW YORK (Reuters) – Ratings agency Moody’s repeated a warning on Monday it could downgrade the United States before 2013 if the fiscal or economic outlook weakens significantly, but said it saw the potential for a new debt agreement in Washington to cut the budget deficit before then. With U.S.…

World stocks mixed as gold hits record high

Global stocks were mixed on Monday with European markets firming after the ECB signalled strong support for eurozone debt and on G7 pledges to bolster the economy, but Asian shares fell and gold surged. Concerns about weakening growth saw ‘safe haven’ investment gold shoot to a record high point above…

Asian stocks slide after U.S. debt downgrade

Asian stocks tumbled on Monday after last week’s historic downgrade of the United States’ credit rating, which compounded concerns over the world’s biggest economy as well as the global outlook. The falls were echoed by big losses in oil while gold surged to a new record above $1,700 as investors…

S&P downgrade showed ‘terrible’ judgement: Geithner

Treasury Secretary Timothy Geithner slammed Standard & Poor’s on Sunday as showing “terrible judgement” in downgrading the US credit rating for the first time ever. “I think S&P has shown really terrible judgement and they’ve handled themselves poorly, and they have shown a stunning lack of knowledge about basic US…

Children learn hacker ways at DefCon

Nine-year-old Anna focused intently as she screwed a circuit board into place in a first-ever “DefCon Kids village” created to tutor children in the ways of hacking. Her 10-year-old brother, Jake, was working on a similar task and beginning to suspect that the screws he was using were refusing to…

Oil prices slump as U.S. downgrade stokes demand worries

World oil prices slumped Monday over fears of slowing energy demand in the United States after a shock credit rating downgrade for the world’s biggest economy, analysts said. New York’s main contract, West Texas Intermediate light, sweet crude for delivery in September, plunged $3.40 to $83.48 a barrel. Brent North…

Greenspan sees negative market take on downgrade

Former US Federal Reserve chairman Alan Greenspan said Sunday he believes the financial markets will react negatively to the downgrade of the US credit rating, and will take “a while” to settle. “Considering the momentum in which the market went down over the last week, it’s very unlikely — if…

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