Stocks Experience Worst Day Since 2008

Monday, August 8, 2011

Following Standard and Poor's downgrading of America's credit rating to AA+ (down from AAA), the stock market dropped more than any single day since December 1, 2008. This downgrade of the U.S. credit rating is the result of congress failing to enact a plan to reduce America's debt by 4 trillion dollars. Also important to note, since Standard and Poor started rating government credit in the 1940's, this is the first time it has downgraded the U.S. credit rating.

The Dow Jones dropped 5.55 percent today; While the Nasdaq took a nearly 7 percent hit. What does this mean to you? Well, unless you are a daytrader, or keep a large portion of your assets in stocks... probably not much yet. But I will have you know that if any markets drop another 10 percent tomorrow, the sun burns out...

(Update)-- Probably not.

Via The New York Times
(Image Credit: Justin Lane/European Pressphoto Agency)

1 comment:

  1. So if our stocks drop to 0, does that mean they are "out of stock"?