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Breaking News: Dow plunges 630 points

All thanks to the S&P downgrade of the U.S.' AAA+ credit rating to AA, Wall Street saw its worst day today since the financial crisis in 2008.  Dow Jones Industrial dropped 630 points or 5.5% ,  Nasdaq dropped 175 points or 7%, and S&P 500 dropped 80 points.  The banks' stocks plunged as well.  Bank of America shares plunged 20%, Citigroup shares fell 15.7%, AIG fell 10%, and Wells Fargo fell 9%.   The short and long term affects of the credit downgrade are uncertain for Americans. President Obama addressed the American people today, assuring them that the economic problems are "eminently solvable."  He called on congress to work together to come up with a long-term, bi-partisan plan for reform. S&P downgraded the U.S.' AAA+ credit rating to AA Friday evening.  The head of S&P said that the credit agency decided to downgrade due to Washington's incapability to resolve the debate over the raising of the debt ceiling in an acceptable amount of time.  S&P also said that the over 2 trillion in savings was not enough to balance the debt in the short-term future.



 
08/08/2011 2:10PM
Breaking News: Dow plunges 630 points
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