POSTED: Monday, January 16, 2012 - 9:10am
UPDATED: Monday, January 16, 2012 - 9:17am
NBC News — European markets are mostly lower following friday's downgrade of several countries. Late on friday, Standard and Poor's cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and France, Austria, Malta, Slovakia and Slovenia by one notch each.
Traders say since the cuts were expected markets aren't expected to plunge on the news. U.S. markets are closed today for the Martin Luther King holiday.