DJIA: Wall Street Falls After Three-Day Rise, S&P Downgrades 34 Italian Banks
Jessica Menton | Feb 10, 2012 6:55pm EST | 1min:50sec
Stocks fell on Friday, putting the S&P 500 on pace for its first weekly decline in the past six, after another snag in negotiations for a financial bailout package for Greece.
Standard & Poor's downgraded the credit ratings of 34 Italian banks due to increased financing risks after lowering the country's credit just a month ago.
In U.S. news, President Barack Obama will project a $901 billion deficit for fiscal 2013 in his upcoming budget proposal, a sharp drop from the funding gap this year, a White House official said on Friday.
In other news, NYSE Euronext outlined bold plans on Friday to grow its business through investment in clearing and technology services after regulators nixed the sale of the U.S. exchange to Deutsche Boerse.
