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Stocks Slump in First U.S. Trading Since Downgrade

New York Times - Aug 8, 2011

Stocks on Wall Street were sharply lower Monday as investors got their first opportunity to sell since Standard & Poor’s cut the United States’s credit rating last week.

Following on from a dismal showing in European and Asian markets, the broader United States market as measured by the Standard & Poor’s 500-stock index was down 31.33 points, or 2.61 percent. The Dow Jones industrial average was down 230.8 points, or 2.02 percent, and the Nasdaq was down 69.06 points, or 2.73 percent.

Within the first two hours of trading, the S.&P. 500 was down about 14 percent over the last 11 sessions, one analyst noted, bringing back echoes of the last financial crisis. Last week represented the worst five-day trading period since November 2008.

Read Full Article from New York Times

- Posted: 2011-08-08 10:21:32


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