Stocks Plummet on UK's Credit Woes

By Kevin Spak,  Newser Staff
Posted May 21, 2009 8:49 AM CDT
Traders work on the floor of the New York Stock Exchange.   (AP Photo)
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(Newser) – Stocks plummeted at today’s open after Standard & Poor’s warned it might downgrade the UK’s credit rating, the Wall Street Journal reports. The Dow tumbled 126 points, while the Nasdaq and S&P each fell more than 1%. Investors now fear other major economies, including the US, could face downgrades. Job data were mixed, with initial claims falling 12,000, but continuing claims climbing 75,000 to a record 6,662,000.