Markets face impact of downgrade

The Dow Industrial Average opened down 226 points, or two percent, as U.S. markets reacted to the unprecedented downgrade of the federal government’s credit rating by Standard and Poor’s. S&P’s decision has drawn sharp rebuke from the Obama administration. Treasury Secretary Timothy Geithner said S&P showed “terrible judgement.”  Stocks in Asia and Europe fell despite an announcement from the European Central Bank that it would buy Spanish and Italian debt to keep the debt crisis from spreading. WNYC reporter Ilya Marritz  reports live from floor of the New York Stock Exchange at opening bell. Charlie Herman, economics editor for The Takeaway and WNYC, interprets the market’s reaction.