Stocks and commodities tumble as Greek credit rating cut to junk

US stocks tumbled yesterday and the dollar and Treasuries rose as credit-rating downgrades of Greece and Portugal fuelled concern that debt-laden nations are moving closer to default.

Greek, Portuguese and Irish bonds sank. In late trading, the Dow Jones had fallen nearly 2% to 10,991.99. The Nasdaq was down over 2.04% at 2,471.47. Oil sank 1.6%, copper lost 4.4% and aluminum plunged 7%.

The Greek finance minister said the eurozone-IMF loan must be delivered by mid-May, when the country must find €9 billion to pay off maturing debts.