Investors are worried about slower economic growth in China, a gloomier outlook for U.S. corporate profits and an end to easy money policies in the United States and Europe. They’re also fretting over country-specific troubles around the world—from economic mismanagement in Argentina to political instability in Turkey.
California’s attorney general has filed a lawsuit against debt rating agency Standard & Poor’s, claiming it inflated its ratings of certain investments, costing the state’s public pension funds and other investors billions of dollars.
Apple was the worst performing stock on the S&P 500 for the month of January, despite a historic surge for the index overall.
Although California still faces a $9.2 billion deficit, the credit rating agency said the state has corrected a significant portion of its budget imbalance.
California and Greece might share enviable weather and postcard-worthy beaches, but their fiscal problems aren’t the same.