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Dow plunges after S&P downgrade
09.08.2011 10:21 "Agro Perspectiva" (Kyiv) —
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.
U.S. 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.
Even if investors dismissed the downgrade, they’d still have to contend with the European debt crisis and rising fears of a new U.S. recession.
Those are the factors that led to a drop of more than 6% last week, the worst since the financial crisis of 2008.
The Dow Jones industrial average (INDU) sank 635 points, or 5.6%, to 10,810.
The S&P 500 (SPX) lost 80 points, or 6.7%, to 1,120.
And the Nasdaq Composite (COMP) dropped 175 points, or 6.9%, to 2,358.
The sell-off was worse than the 512-point drop stocks experienced only three trading sessions ago.
Few companies were spared. All members of the Dow 30 and all members of the S&P 500 traded lower.
Financial stocks were among the hardest hit, with Bank of America (BAC, Fortune 500) plunging 20%, and Citigroup (C, Fortune 500) and Morgan Stanley (MS, Fortune 500) dropped roughly 15%.
The VIX (VIX) - Wall Street’s so-called "fear’ index - jumped 44% to 45.98, the highest level since early 2009.
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