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US market joins global sell-off

Published 08/08/2011

The New York Stock Exchange saw massive losses (AP)
The New York Stock Exchange saw massive losses (AP)

US stocks plummeted at the close of business on the first trading day since Standard & Poor's downgraded American debt.

The Dow Jones closed down 634 points, or 5.5%, at 10,809 - the first time it has fallen below 11,000 since November and its biggest one-day point drop since December 2008.

The S&P 500 is closing down 79, or 6.7%, at 1,119.46. The Nasdaq is down 174.72, or 6.9%, at 2,357.69.

Investors are worried about the slowing US economy and escalating debt problems threatening Europe.

Money flowed out of stocks and into safer investments, including gold.

Press Association

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