U.S. stocks plunged on Monday in the first session following Standard & Poor’s announcement late Friday that the country’s top AAA credit rating would be cut to AA+. The Dow closed down more than 600 points, for a loss of more than 5 percent.
It marked the first time the Dow has dipped below 11,000 since last November.
DOW JONES INDUS. AVG: 10,809.80 -634.76 -5.55%
S&P 500 INDEX: 1,119.46 -79.92 -6.66%
NASDAQ COMPOSITE INDEX: 2,357.69 -174.72 -6.90%
President Obama, speaking in the afternoon to calm nervous investors, said the country’s economic woes problems are “eminently solvable.” Stocks, however, continued to slide as the president spoke.
It was the worst single-day loss since December 2008.