A blizzard with hurricane-force winds brought much of the US East Coast to a standstill today, dumping as much as three feet of snow, stranding tens of thousands of travellers and shutting down Washington and New York City.

Spanish stocks have dropped sharply after ratings agency Moody’s downgraded its credit score of 16 Spanish banks in the latest blow to the troubled financial sector.

A blizzard battered the Mid-Atlantic region of the United States today, quickly dumping large amounts of snow that piled up on roads and toppled trees on to buildings and cars.