Market recap: Stocks fell sharply but moved well back from early lows. The headline story was...

|By:, SA News Editor
Market recap: Stocks fell sharply but moved well back from early lows. The headline story was S&P's downgrade of its U.S. debt outlook, but overseas markets had already been spooked by news in Europe's debt crisis, and some traders saw investors "looking for a reason to sell." The dollar and Treasurys turned higher, reacting to Europe events. Oil prices tumbled. NYSE decliners led advancers four to one.