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U.S. markets recover from steep losses
WASHINGTON, April 27 (UPI) -- U.S. markets turned sharply lower Tuesday after credit-rating agency Standard & Poor's downgraded Greek debt to junk status.
The move makes it questionable whether Greece can use its debt as collateral as it attempts to negotiate loans with the European Central Bank and the International Monetary Fund, which it was counting on to help dig itself out of a debt crisis.
On the positive side, the S&P Case-Shiller home-price indexes showed U.S. home prices in February rose in both the 10- and 20-city indexes for the first time since December 2006.
By close, the Dow Jones industrial average was down 1.9 percent, 213.04 points, to 10,991.99. The Standard & Poor's 500 index lost 2.34 percent, 28.34 points, to 1,183.71. The Nasdaq composite index lost 2.04 percent, 51.48 points, to 2,471.47.
On the New York Stock Exchange, 492 stocks advanced and 2,593 declined on a volume of 7.4 billion shares traded.
The benchmark 10-year Treasury note rose 30/32 to yield 3.695 percent.
The euro fell to $1.3174 from Monday's $1.3368. Against the yen, the dollar fell to 93.21 yen from Monday's 94.01 yen.
In Japan, the Nikkei 225 index gained 0.42 percent, 46.87 points, to 11,212.66.
In Britain, the FTSE 100 index lost 2.61 percent, 150.33 points, to 5,603.52.
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