VANCOUVER, BC (August 8, 2011) Dominion Lending Centres Clearlease Reports With traders reacting to news of a credit rating downgrade for the U.S., stocks moved sharply lower at the start of trading on Monday August 8, 2011. The major averages all showed notable moves to the downside, extending the substantial downward move seen in recent sessions.
The major averages have edged up off their lows for the young session but currently continue to post steep losses. The Dow is down 221.72 points or 1.9 percent at 11,222.89, the Nasdaq is down 60.88 points or 2.4 percent at 2,471.53 and the S&P 500 is down 28.80 points or 2.4 percent at 1,170.58.
The initial weakness on Wall Street came on the heels of news that Standard & Poor’s lowered its long-term sovereign credit rating on the U.S. to AA+ from AAA, marking the agency’s first downgrade of the U.S. credit rating in 70 years.
S&P said that the downgrade reflects its opinion that the deficit reduction plan that Washington recently passed as part of the debt ceiling agreement falls short of what is necessary to stabilize the government’s medium-term debt dynamics.
“More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned,” S&P said.
The ratings agency also said that the outlook for the U.S. credit rating is negative, noting that it could lower the rating to AA within the next two years.
Meanwhile, traders are also reacting to news that the European Central Bank is stepping up its purchases of Italian and Spanish bonds in response to the escalating debt crisis.
Reflecting concerns about the outlook for demand, steel stocks are posting particularly steep losses in early trading. The NYSE Arca Steel Index is down by 5.3 percent, falling to its worst intraday level in over a year.
Energy stocks are also seeing early weakness amid a considerable decrease by the price of crude oil, which is falling by more than $3 a barrel. Networking, railroad, and housing stocks are also posting significant losses, moving lower along with most of the other major sectors.
In overseas trading, stock markets across the Asia-Pacific region came under pressure on Monday amid news of the downgrade of the U.S. credit rating. Japan’s benchmark Nikkei 225 Index and Hong Kong’s Hang Seng Index both fell by 2.2 percent.
The major European markets are also showing significant moves to the downside on the day. The U.K.’s FTSE 100 Index has fallen by 1.5 percent, while the French CAC 40 Index and the German DAX Index are tumbling by 2.1 percent and 2.3 percent, respectively.
In the bond market, treasuries have moved sharply higher amid concerns about the economic outlook. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 8.2 basis points at 2.476 percent.
Some of the Business Equipment Dominion Lending Centres Clearlease Finance include:
Equipment Types: Backhoe, Skid Steer, Excavator, Telehandler, Loader, Mulcher, Skidder, Trailers, Used Equipment – All Types, Wood Chippers
Dominion Lending Centres Clearlease are specialists in; lease, equipment leasing, leasing, lease equipment, equipment lease Canada, equipment financing, financing, leasing companies, leases, equipment leases, lease financing, equipment lease finance, business financing, lease new, lease used, commercial equipment lease, business finance, business lease, truck lease, truck financing, auto financing, commercial vehicle lease, business financing specialist, leasing services Vancouver, BC, alberta, lease canada, bobcat, skid steer, excavator, loader, heavy equipment.
For more information please visit us at: http://clearlease.com/contact.html
Clearlease Equipment Lease Financing, Commercial Financing Mortgage Refinance Mortgage Auto Lease, Vendor Program – Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Video Link: http://youtu.be/fROP17iUSEg
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers Alexander Pidgeon and Rene Pidgeon. Vancouver Commercial Lending,North Vancouver Commercial Lending,West Vancouver Commercial Lending,Surrey Commercial Lending,Richmond Commercial Lending,Delta Commercial Lending,Langley Commercial Lending,Coquitlam Commercial Lending,BC Commercial Lending,Private Commercial Lending
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
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( Video Link: http://youtu.be/fROP17iUSEg )