The blue-chip index sinks 213 points. Selling is deep as S&P cuts debt ratings for Greece and Portugal. Home prices increase from last year. Ford profit jumps; 3M and DuPont boost guidance.
Posted by Elizabeth Strott and Charley Blaine on Tuesday, April 27, 2010 9:30 AM
Updated at 6:42 p.m. ET
Stocks suffered their sharpest one-day losses since early February today. But it wasn't the fault of Goldman Sachs (GS), whose shares closed up on the day.
Instead, blame Greece and Portugal, whose long-term debt was downgraded by Standard & Poor's this morning. Greece's debt was downgraded to junk.
The Dow Jones Industrial Average ($INDU) fell 213 points, or 1.9%, to 10,992, the first close below 11,000 for the blue chips since April 9 and their worst close since April 8.
The Nasdaq Composite Index ($COMPX) shed 51 points, or 2%, to 2,471, and the Standard & Poor's 500 Index ($INX) lost 28 points, or 2.3%, to 1,184.
The big question from today's sell-off is whether this was a one-time event or the beginning of a longer pullback.
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