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S&P downgrades 34 of 37 Italian Banks; Wall Street stalls…

S&P downgrades nearly all Italian banks it rates.

UniCredit SpA (UCG), Intesa (ISP) Sanpaolo SpA and Banca Monte dei Paschi di Siena SpA (BMPS) were among 34 Italian financial firms downgraded by Standard & Poor’s, after the credit-ratings firm reduced the nation’s grade last month.

US stocks dropped on Friday as the most recent flare-up in Greek negotiations for a financial bailout package put the S&P 500 on track to snap a three-day winning streak.