World markets continue to have a negative reaction to Friday’s first-ever downgrade of the U.S. credit rating by the Standard & Poors rating agency.
Major indexes across Asia were down between 2 percent and 4 percent in midday trading Monday, with shares in South Korea tumbling by 7 percent at one point. Stock futures in New York were also lower ahead of the market opening on Wall Street.
Middle East markets closed down sharply Sunday, including a 7 percent plunge for the Tel Aviv stock exchange.
U.S. Treasury Secretary Timothy Geithner says the S&P used “terrible judgment” when it downgraded the U.S. credit rating last week from the top triple-A grade. Geithner says the S&P showed a “stunning lack of knowledge” about the mathematics used to draw up a federal budget.
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