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Stocks drop after Greece debt cut to junk

NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday after Standard & Poors cut Greece's debt rating to junk and lowered Portugal's debt rating, raising fears of a euro zone debt crisis throwing a monkey wrench into the global economic recovery.
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Standard & Poor's cut its ratings on Greece's long-term debt status to BB+ with a negative outlook from BBB+. The double-B plus rating is considered to be speculative or "junk" and reflects the ratings agency's concern about Greece's long-term ability to get out from underneath the its current fiscal crisis. S&P cut Greece's short-term debt even lower.

S&P also cut Portugal's long-term debt ratings by two notches and the short-term rating by one notch, but did not lower the debt to junk status.
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