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Dow now down 200 points, or 1.6%

June 21, 2012|By Andrew Tangel
  • Richard Drew / Associated Press
Richard Drew / Associated Press (m4us4ypd20120601074119/600 )

NEW YORK — The Dow Jones industrial average was down 200 points as stocks took a dive following weak economic reports and as Wall Street braced for a credit downgrade for banks.

Two hours before the closing bell on Wall Street, the Dow was down 176 points, or 1.4%, to 12,649.

The broader Standard & Poor's 500 index was down 22 points, or 1.6%, to 1,333.

The Nasdaq was down 54 points, or 1.8%, to 2,876.

After trading concludes, investors may get word from the ratings agency Moody’s Investors Service on the downgrades.

Bloomberg News, citing anonymous sources, reported Moody's has told banks it may announce credit downgrades of 17 firms after the markets close.

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