Action from euro officials to quell debt contagion fears did little to convince investors that the global outlook was any better.
The FTSE in London dropped 3.4%, and the DAX in Frankfurt plunged 5%. Hong Kong's Hang Seng declined 2.2%, and Japan's Nikkei also closed 2.2% lower.Calling Monday's market action a "bloodbath," BTIG Chief Global Strategist Dan Greenhaus said, "It's tough to separate out right now what's the effect of the downgrade versus what reflects concerns about global economic growth or the mismanagement of the eurozone crisis. To the extent that investors are nervous, wary, and risk-adverse, the downgrade is certainly exacerbating that." "We've been down 10 of the last 11 sessions and we're down about 14% over the last 11 sessions. In the post-war era, that's nearly unparalleled," he said. Energy and
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