UPDATE at 10:10 a.m. EST:
U.S. stocks open up a day after their second-worst showing of the year, apparently shrugging off the concerns over banks.
Here's our original post:
NPR's Chris Arnold reports this morning on the fallout from Moody's announcement yesterday that it was cutting its rating on 15 big banks in the U.S. and Europe.
Speaking with Morning Edition host Steve Inskeep, Arnold called the downgrade "a repositioning of credit worthiness of almost the entire banking industry."