Tuesday, August 2, 2011

Debt Deal Signed But Markets Still Nervous

Despite the House’s passing of the debt deal that would raise the borrowing limit, stock market futures were down ahead of morning trading in New York. Even though it appears that the immediate threat of a default has been averted, a concern remains that the U.S. could still suffer a credit rating downgrade.

“A lot of people are very concerned about the potential for a downgrade, and there are also concerns about what the bill means for the overall economy and general concerns about the economy following yesterday’s downer of a manufacturing number,” said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York. “There are a lot of concerns out there right now.”

Source: Reuters

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