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N.Y. stocks fall on fears about downgrading of eurozone economies.

NEW YORK, Jan. 13 Kyodo

New York stocks ended moderately lower Friday on reports that a major credit rating agency will downgrade several eurozone economies.

The 30-issue Dow Jones Industrial Average, which climbed 21.57 points Thursday, lost 48.96 points, or 0.39 percent, to end at 12,422.06. The tech-heavy Nasdaq Composite Index, which rose 13.94 points the previous day, shed 14.03 points, or 0.51 percent, to 2,710.67.

Stocks faced massive selling notably in the financial sector, with the Dow index briefly plunging nearly 160 points on reports that U.S. credit rating agency Standard & Poor's Ratings Services will cut its long-term sovereign ratings of France and some other eurozone countries later Friday, market analysts said.

Toward the end of the session, however, stocks made up some lost ground as their European peers erased some of their losses amid views that the downgrading may be within an expected range, the analysts said.
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Publication:Japan Weekly Monitor
Geographic Code:1U2NY
Date:Jan 17, 2012
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