Problems in the euro zone continue to affect the markets today. Stock markets in Europe were taking a hit today after Moody’s put Germany, Luxembourg and the Netherlands on negative watch. This sent a signal that no eurozone economy is safe from the problems plaguing countries such as Spain and Italy. PMI results also disappointed in Europe.

Closer to home, economic data showed lower manufacturing activity in the mid-Atlantic region. The Richmond Fed Manufacturing Index fell at a steeper rate than expected.

The major stock averages are down at least 0.5% this morning. The Dow is down 88 points, the Nasdaq is down 14 points and the S&P 500 is down 8 points. [Read more...]