Big drop on Wall Street...S&P expects lawsuit

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Associated Press

Posted on February 5, 2013 at 7:02 AM

UNDATED (AP) — Stocks took their biggest dive of the year Monday. The Dow fell almost 130 points to close at 13,880, the S&P 500 dropped 17.46 points to 1,496 and the Nasdaq lost 48 points to close at 3,131. Futures trading inched up ahead of today's opening.

BEIJING (AP) — International stocks markets were mixed today with Asian benchmarks feeling the effects of losses on Wall Street from the day before. European benchmarks were higher as trading sentiment began improving. Benchmark crude oil rose to stay above $96 per barrel. The dollar gained against the yen but fell against the euro.

WASHINGTON (AP) — The Institute for Supply Management releases its service sector index for January today. Quarterly financial results are expected from a number of companies including Expedia, Kellogg and Walt Disney.

WASHINGTON (AP) — The U.S. government is expected to file civil charges against Standard & Poor's Ratings Services, alleging that it improperly gave high ratings to mortgage debt that later plunged in value and helped fuel the 2008 financial crisis. The charges would mark the first enforcement action the government has taken against a major rating agency involving the worst financial crisis since the Great Depression.

LONDON (AP) — Scandal-tarred Barclays has put aside another 1.05 billion pounds ($1.65 billion) to cover the costs of scandals over consumers being signed up for inappropriate insurance products. Barclays has struggled to contain the fallout from various scandals over financial malfeasance. Last week the bank's CEO said he was giving up his 2012 bonus.

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