(Image source: CNN, Boston Globe, BBC, Al Jazeera)
BY JONATHAN KETZ
ANCHOR MEGAN MURPHY
You're watching multisource headline news analysis from Newsy.
This is Newsy Now, and here are your latest headlines.
U.S. stocks open with a nose dive after the country’s long-term credit rating is downgraded by Standard & Poor’s. Bank of America and Citigroup were down at least 5.4%. One equity strategist on CNBC recaps the weekend that lead to the drop.
“Over the weekend, kind of going beyond that, you had more frenetic activity probably with the downgrade, what does it mean, what’s the implication? To be fair, the one piece of good , because if that’s going down, that’s not all that great, but I think the bigger issue is what happens to corporate credit spreads. Will they blow out the way they did in ‘07 and 08?”
More on the economy---the U.S. Treasury Secretary says he will continue his job. Timothy Geithner had earlier thought about leaving once Congress passed a debt deal. Tea Party member Allen West tells Fox News -- he should have gone with his original idea.
“I think having had Timothy Geithner testify before us in small business committee and having the opportunity to query him, when you open the door, the refrigerator lights don’t come on, so I really think he should move on. He should move, and we should have someone else.”
In world news--The Arab League is speaking out against Syria. Saudi Arabia, Kuwait, and now Bahrain have recalled their envoys in Damascus. Meanwhile--more cell phone videos of the violence are making their way onto the Internet.
“This is the latest video out of Syria, posted on Youtube. The video shows Syrian security forces on the street, heavy gunfire can be clearly heard. This comes as the Arab League calls for Syria to stop the violence immediately. Saudi Arabia’s Ambassador to Syria says the Syrian government cannot be trusted to tell the truth.”
Libyan rebels say they still control Bir Ghanem. This comes a day after Gaddafi loyalists say they took the country. It’s the last major city in between the rebels and the loyalist stronghold of Tripoli. One Al Jazeera reporter was caught in the middle of the madness.
“We have to leave Bir Ghanem moments after we arrived. Gaddafi forces were launching rockets which were landing near the town. Rebels were also leaving the area. It shows just how hard it’s going to be to control this town.”
Finally in tech news---Apple launches a low-cost iMac-- with a $999 price tag. The company says it’s launching the computer for the back to school period. KNTV says the release could help Apple in the stock market.
“Apple shares could actually get a boost today with reports that the company’s coming back in the education market with a sub $1,000 iMac. It won't be as powerful as expensive Macs but it couldn't matter to most users.”
Stay with Newsy for all your news throughout the day. For Newsy Now, I'm Megan Murphy-- hi-lighting your top headlines, making you smarter, faster.
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