Stocks in the Steel and Iron industry are under pressure after S&P lowers Arcelor Mittal (MT) ratings to 'BB+/B'with a negative outlook. Citing its recent downward revision of the European GDP forecast, S&P said it expects to see continued weakness in the steel industry. Arcelor MIttal, Cliffs Natural (CLF), U.S. Steel (X) and AK Steel (AKS) are all underperforming at mid-day.
Jitters in Japan and fear over the Fed have stoked a reversal in gold that follows a seven month, 25% slump. While …