Stocks Turn Mixed After S&P Downgrades Spain US Commentary RTT News
(RTTNews) - Stocks are looking for direction in early afternoon trading on Wednesday, as the markets are digesting Standard & Poor's downgrade of Spain's credit rating. The uncertainty also comes ahead of this afternoon's interest rate decision by the Federal Reserve.Late this morning, S&P downgraded Spain's long-term credit-rating to 'AA' with a negative outlook. The move by the ratings agency comes just one day after it lowered its credit ratings on Greece and Portugal, which both have debt to GDP ratios above ten percent along with Spain.
Meanwhile, the markets continue to look forward to the Fed's interest rate decision, scheduled to take place this afternoon at about 2:15 p.m. ET. While interest rates are likely to be kept unchanged, the Fed's view of present economic conditions and its near-term outlook will be of interest to market participants.
On the earnings front this morning, Sprint Nextel Corp. (S) reported
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