US Markets Fall Sharply After S&P Downgrade

By: Associated Press
By: Associated Press

U.S. stocks are joining a global sell-off in the first trading since Standard & Poor's downgraded American debt and gave investors another reason to be anxious.

S&P downgraded the long-term U.S. government credit rating by one notch late Friday. The move wasn't a surprise but it came as investors were already feeling nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake.

The Dow Jones industrial average is down 307 points in midday Monday trading, or 2.7 percent, to 11,140. The S&P 500 is down 40, or 3.3 percent, to 1,160. The Nasdaq is down 90, or 3.6 percent, to 2,442.

Prices for gold and Treasurys are rising because they're seen as safer investments. Gold rose above $1,700 per ounce for the first time.

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