On the first day of trading after Standard and Poor’s downgraded U.S. credit to AA+ from the top-level ranking of AAA, the Dow Jones Industrial Average closed down more than 630 points, or 5.5 percent, according to Google Finance.That is the sixth-worst total point drop in the history of the Dow Jones.
US stocks booked heavy losses Monday with the Dow Jones Industrial Average losing more than 630 points, as Wall Street was rocked by Standard & Poor’s unprecedented downgrade of the nation’s debt late last week.
The Dow dropped 634.8 points, or 5.6 percent, to close at 10,809.9. It was the worst single-day point drop for Dow since 2008.The Standard & Poor’s 500 Index dropped 79.9 points, or 6.7 percent, to 1,119.5. The technology-heavy Nasdaq Composite Index fell 174.7 points, or 6.9 percent, to 2,357.7.
Panicked selling on heavy volume resulted in the S&P 500′s worst day since December 2008, with every stock in the benchmark index ending in negative territory.
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