Wall St. Takes a Dive on First Day After Downgrade

Posted by jcashman



Courtesy of Associated Press

NEW YORK (AP) — Stocks are plummeting at the close after anxiety overtook investors on the first trading day since Standard & Poor’s downgraded American debt.

The Dow Jones industrials closed down 634 points, or 5.5 percent, to 10,809 Monday. It was the first time the Dow fell below 11,000 since November and its biggest one-day point drop since December 2008.

The S&P 500 is closing down 79or 6.7 percent, at 1,119.46. The Nasdaq is down 174.72, or 6.9 percent, at 2,357.69. More than 69 stocks fell for every one that rose on the New York Stock Exchange. Trading volume was heavy at 9.7 billion shares.

Investors are worried about the slowing U.S. economy and escalating debt problems threatening Europe. Money flowed out of stocks and into safer investments, including Treasurys and gold.

Copyright 2011 The Associated Press.

Related posts:

  1. Oil Falls to Near $83 after S&P Downgrades US Debt
  2. Greece Suffers New Credit Downgrade
  3. Oil Drops Under $94 on Concerns of Weak Economy
  4. Dunkin’ Gets Warm Response From New Investors; Stock Doing Better Than Expected
  5. Oil Falls to Lowest Level in 6 Months

Short URL: http://www.newenglandpost.com/?p=897

Posted by jcashman on Aug 8 2011. Filed under Business, Featured - For home page featured article. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Our Authors

Log in | Maintained by BlackDoor Creative