Wall Street tumbled as global economy concern persists

Wall Street declined for a third day in a row as Moody's reduced ratings outlooks for Germany, the Netherlands and Luxembourg, proving that the debt crisis in the Europe is far away from the solution. The Dow Jones Industrial Average lost 0.5 per cent, to 12,655; the S&P 500 Index erased 0.4 per cent, to 1,345, and the Nasdaq Composite declined by 0.3 per cent to 2,882.