Wall Street Sell-Off Sends Stocks Down More Than 6%
Stocks plummeted Monday on Wall Street, as skittish investors, already concerned about the economy, struggled to work out the implications of an unprecedented downgrade of the United States government's credit rating and sought safer places to put their money.
At the close of trading, the Standard & Poor's 500-stock index was off more than 6 percent, almost doubling the 7 percent loss incurred last week. The Dow Jones industrial average showed a one-day decline of more than 600 points, its steepest point loss in a single day since December 2008.
The declines, coming in the first opportunity for investors to sell since Standard & Poor's cut its rating on the nation's long-term debt late Friday, reflected anxiety over the United States economy and Europe's debt woes. But in the flight to safety on Monday, even the downgraded Treasury securities were a refuge, with yields declining. Gold surged to more than $1,700 an ounce.
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