NEW YORK (CNNMoney.com) -- Standard and Poor's downgraded the sovereign debt ratings for both Greece and Portugal on Tuesday, citing weak "macroeconomic structures," with the Greek debt lowered to junk status.
Greece's long-term sovereign debt rating was reduced to a rating of "BB+" from "BBB+." The short-term rating was lowered to "B" from "A-2."
It was the second downgrade in as many weeks for the debt-laden nation.
Separately, Portugal's rating was reduced to "A-" from "A+," which is still considered investment grade.
The downgrades came after Greece last week announced it would finally tap a European Union-International Monetary Fund sponsored $53 billion bailout plan.
The news sent U.S. stock markets down sharply, as investor fears of a debt crisis contagion in Europe spread. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,294.50 | -12.67 | -0.08% |
| Nasdaq | 3,459.42 | -3.88 | -0.11% |
| S&P 500 | 1,650.51 | -4.84 | -0.29% |
| Treasuries | 2.02 | -0.00 | -0.15% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.21 | -0.10 | -0.75% |
| Hewlett-Packard Co | 24.86 | 3.63 | 17.10% |
| Micron Technology In... | 11.40 | 0.00 | 0.00% |
| Dean Foods Co | 20.41 | 0.46 | 2.31% |
| Pfizer Inc | 29.11 | -0.19 | -0.65% |
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