J.P. Morgan, Goldman Sachs among ‘too-big-to-fail’ U.S. banks downgraded by S&P

Standard & Poor's downgraded the credit ratings of J.P. Morgan Chase & Co., Goldman Sachs Groups and six other major U.S. banks, saying it is no longer confident that the U.S. government would step in to support them in a future crisis.

Read more at Market Watch
(Hat tip: KimR) Read More......

WSJ: Moody’s Lowers Economic Growth Outlook

By Tess Stynes
Moody’s Analytics said its near-term outlook for the U.S. economy has fallen significantly in the past month [in the] wake of the debate over the U.S. debt ceiling and the downgrade of the nation’s credit ratings by Standard & Poor’s. Read more at the Wall Street Journal... Read More......

The Hill: Obama says serious deficit plan needed in wake of S&P downgrade

The move by ratings agency Standard & Poor's to downgrade U.S. debt underscores the need for a major agreement on deficit reduction, President Obama said Monday. ∴ The president said that U.S. debt was still world-class in the eyes of market despite S&P's downward revision ˜ from AAA to AA+ ˜ on Friday, but said it was up to the so-called "supercommittee" established by compromise debt-ceiling legislation to produce an agreement that would forestall a future slide in U.S. creditworthiness. Read more at The Hill...

UPDATE: The Hill - Dow plunges below 11,000 as downgrade fuels market turmoil Read More......