The Dow Jones Industrial Average fell 634.76 points on Monday to end the day at 10809.85. The decline resulted in a one day loss of 5.5%. Equity markets in Asia, South Korea, Japan, Hong Kong, and Australia all trended downward as well.
The Monday decline follows the Friday announcement by Standard and Poor's to downgrade the U.S.'s credit rating. The rating was lowered from AAA to AA+. The downgrade reflects the urgency for congressional officials to focus on a long-term plan for fiscal stabilization.
Wall Street Journal, August 9, 2011
Markets Open Higher After Wild Drop
Downgrade Ignites a Global Selloff
