Stocks Sink After S&P Issues Warning On U.S. Debt

NEW YORK (CBSNewYork/AP) — A warning from Standard & Poor’s that the agency might lower its rating on U.S. government debt sent stocks on their worst slide in a month.

S&P said Monday that there was a 33 percent chance it would lower the country’s credit rating from AAA in the next two years if Washington failed to pare the country’s debts.

 The Dow Jones industrial average and the S&P 500 index both had their steepest falls since March 16. The Dow fell 140 points, or 1.1 percent, to close at 12,202. The S&P 500 fell 15, or 1.1 percent, to 1,305. The Nasdaq composite fell 29, or 1 percent, to 2,735.

Four stocks fell for every one that rose on the New York Stock Exchange. Trading volume was 4.6 billion shares.

  • John

    You people are blaming the rich? Go to an enconomics class- American voters are to blame for letting politians buy their votes with our kids future. Robin Hood is a thief- so are the people who thought they could steal from anyone to support anyone. If I can not pay, I can not play. If I can not afford my house I will live in a box. If I can not afford drugs I will die. I will be the first to go and I am ok with that- because there is dignity in that. There is NO diginity in stealing from the Rich or anyone for the poor, and integrity in taking stolen money.


    the game is up ….one move from CHECK MATE!

  • TOM

    S&P,the wall street gang does it again!!!!!!! Another attempt to rid the poor of any hope. These types of reports are for the rich only, it gives them a chance to get their portfolios out of harms way , while it rapes the average american of any hope of recovering. WHY DO THEY DO THIS. THESE ARE JUST PEOPLE WHO THINK SOMETHING AND THEN SAY IT. THERE IS NO REASON FOR SPECULATION ON THIS. OBAMA TIME FOR YOU TO STEP IN AND TELL THESE WALL STREET RAPIST TO STOP!!!!!!!

  • JIM


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