Big Losses on Wall Street in 634+ Point Drop
By: Newsroom Solutions, KARK 4 News
Updated: August 9, 2011
There were big losses on Wall Street today in the first trading day since the government's credit downgrade was announced.
The Dow Jones Industrial Average closed down 634.76 points after falling below the eleven-thousand mark for the first time since November.
The average closed at 10,809.85 with a loss of 5.55-percent. That's the biggest one day loss since November 20, 2008.
The S&P 500 also sank about 60 points, and the Nasdaq about 130 points. Both were also down about five percent for the day.
The markets took a turn for the worse after President Obama remarked about Standard & Poor's downgrade of the nation's credit rating.
Obama blamed the downgrade on congressional gridlock.
Meanwhile, gold prices hit another record high today at more than 17-hundred-dollars an ounce
The Dow Jones Industrial Average closed down 634.76 points after falling below the eleven-thousand mark for the first time since November.
The average closed at 10,809.85 with a loss of 5.55-percent. That's the biggest one day loss since November 20, 2008.
The S&P 500 also sank about 60 points, and the Nasdaq about 130 points. Both were also down about five percent for the day.
The markets took a turn for the worse after President Obama remarked about Standard & Poor's downgrade of the nation's credit rating.
Obama blamed the downgrade on congressional gridlock.
Meanwhile, gold prices hit another record high today at more than 17-hundred-dollars an ounce
