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NEW YORK (CNNMoney) -- U.S. stocks declined sharply Tuesday as a weak reading on U.S. manufacturing, a dull batch of earnings reports and ongoing worries about Europe dampened the mood on Wall Street.
The Dow Jones industrial average (INDU) dropped 170 points, or 1.3%. Cisco (CSCO, Fortune 500) was the biggest laggard on the Dow, a day after the network equipment maker said it planned to cut 1,300 jobs, or about 2% of its global workforce. Shares of Cisco were down nearly 6% in mid-afternoon trading.
NEW YORK (CNNMoney) -- Moody's cut the outlook on Germany's prized Aaa credit rating from "stable" to "negative" Monday. The move could precede a full-blown downgrade, which would mark a grim turn for a country long thought of as a bulwark of financial stability in Europe.
The rating agency also revised the outlooks on the Aaa ratings of the Netherlands and Luxembourg from "stable" to negative." Finland maintained its Aaa rating and stable outlook.
NEW YORK (CNNMoney) -- Greece is back in the spotlight this week, as the government's official creditors return to Athens amid renewed speculation about the nation exiting the eurozone.
Greece is facing a €3.1 billion bond redemption on Aug. 20.
It is unclear how Greece will make that payment, although some analysts say the government could cover its financing needs by selling short-term bills.