Stocks Sell Off After U.S. Outlook Downgrade

The markets were sharply in the red after Standard & Poor's downgraded its outlook on U.S. sovereign debt to negative from stable.

Today's Markets As of 1:55 p.m. ET, the Dow Jones Industrial Average was off 194 points, or 1.6%, to 12,148, the S&P 500 fell 19.6 points, or 1.5%, to 1,300 and the Nasdaq Composite slipped 45.7 points, or 1.7% to 2,719. The FOX 50 slid 11.9 points to 913.

Standard and Poor's affirmed its AAA rating for U.S. sovereign debt, but adjusted its long-term outlook from stable to negative, meaning there is at least a 33% chance that company will downgrade the country's long-term credit rating.

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