Standard & Poor’s has made drastic cuts on some of the world’s largest banks and its effect is evident as futures on the Euro Stoxx 50 Index, Asian shares and U. S. index futures have declined.

Once again, the London index has closed negative. It has been reported that the FTSE 100 index closed down 2%, on Friday.

As per the U. S.

The U. S. stock market is showing no signs of recovery as there was a decline in the jobless rate and market's correction rate. A 5% drop in the S&P 500 was also reported on Friday.

On Thursday, stocks in Europe went down drastically and the Euro went down as well along with the fears regarding the sovereign debt in Greece.

On Tuesday, the renewed hopes for additional Greek aid had helped lift markets across Europe. Earlier the brooding debt problem in Greece had led to a fall in the stocks around the world.

On Thursday, the United States stocks closed higher because of high influence from the technology and consumer discretionary stocks while the industrial average was deferred ending up at 8.10 points,

Rising consumer confidence index together with gains in Americans’ pushed the stocks hire for the third day in a row.