Fitch Downgrades Spain (EWP)

Fitch ratings agency has just downgraded Spain's debt. The S&P is now down 11.78 points, or 1.07%, to 1,091.28. The euro has fallen to 1.23 on the news of Fitch's downgrade.

A key ETF to watch is the iShares MSCI Spain Index (NYSE: EWP). It is currently down 84 cents, or 2.48%, to $33.00.