U.S. Debt Downgraded, Stocks Plunge
NEW YORK (AP) - Another day of big declines for U.S. stocks.
The Dow tumbled more than 600 points to close at 10,810. The S&P was down about 80 points, while the Nasdaq lost about 175 points. It was the first time the Dow fell below 11,000 since November and the single largest one-day point drop since December 2008.
President Barack Obama today responded to the first-ever downgrade of the U.S. credit rating. He said he hopes the decision by Standard & Poor's will give Congress a renewed sense of urgency to tackle debt problems.
He said that must be done mainly by taking on the politically difficult issues of reforming taxes and entitlement programs in the coming months.