The U.S stock market presented another disappointing session as economic data and news headlines weighed on the intraday session. The start of the session was characterized by a major drop as U.S traders were influenced by the Asian and European markets. The FTSE for example, finished the session with a loss of -1.65%, just above its 50 day moving average.

Weakness came as the Wall Street Journal posted fresh news that Moody’s Investors Service believes the U.S and the U.K need to trim their deficits otherwise their respective AAA rating could be jeopardized. Furthermore analysts at Fitch stripped Greece of its A-rated status. One must note that a part of the problem is due to Greece’s capital problems and high unemployment rate, which now lies at 9.2%.