Tel Aviv Stock Exchange Plunges 6% on US Credit Downgrade Concerns

The Tel Aviv Stock Exchange opened to major losses Sunday, as indices fell by more than 6 percent, prompting a series of brief suspensions in trading. At the open, the TA-25 fell 5 percent, the TA-100 fell 5.2 percent, the TA-Banking Index dropped 5.3 percent, and the TA Real-Estate 15 plunged 6.4 percent. Trading opened for several minutes, but was halted almost at once, as the exchange reverted to what has been dubbed an “English opening.” The losses came on the heels of Friday's historic Standard & Poor's downgrade of the U.S. credit rating.