Standard & Poors puts 15 Eurozone countries on credit watch negative status. The market gave up about half the day's gains when the news hit.
The news is considered to be much less a concern than the results of the upcoming Sarkozy/Merkel meeting.
French President Nicolas Sarkozy and German Chancellor Angela Merkel are scheduled to meet on Friday to discuss and hopefully agree on joint proposals aimed at resolving the eurozone debt crisis.
The world will be watching closely. A positive outcome should cause the markets to soar. A negative outcome would more than likely cause a strong sell off in the markets.
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