UPDATE: 3:25 (CDT)
Wall Street had its worst day since the 2008 financial crisis, as fearful investors reacted to the United States losing its coveted AAA credit rating.
All three major U.S. stock indexes sank between 5% and 7%, pushing the Dow below 11,000 for the first time since last November. Overall, stocks have fallen 15% during the past two weeks.
Though observers said S&P's downgrade shouldn't matter all that much, the market wasn't buying it.
"Investors are having one reaction to the downgrade: Sell first and ask questions later," said Paul Zemsky, head of asset allocation with ING Investment Management.
Source: CNN Breaking News
Bad Timing on the part of Obama to give a speech in the middle of the day. Dow is now below 11,000 and who knows what will happen in the next hour. It is anyone's guess but Obama should have waited until after the markets closed IMHO.
Dow dives 500 points
Los Angeles Times | August 8, 2011 | 11:10 a.m. (pdt - 2:10 edt)
The Dow Jones industrial average plunged 500 points in trading today as the markets reacted to Standard & Poor's decision to downgrade U.S. credit.
NOTE: Obama spoke late at 1:30 and after he talked the Dow started losing more, 499 out of 500 stocks in the S&P are lower today, and NASDAQ down almost 150 points. Bank of America has lost over 18% and S&P Financials are losing across the board.