Does anybody know how Wall Street responded just at the beginning of the fall of Rome?
Wall Street stocks plummeted Monday morning on the first-ever downgrade of the United States' credit rating, with the Dow Jones Industrial Average plunging as much as 380 points in the first hour of trading.
The move by Standard & Poor's over the weekend to cut the U.S. rating from AAA to AA-plus shook confidence among global investors and added to worries that the world’s largest economy could sink into a double-dip recession.
Investors dumped stocks and fled into safe havens such as gold, which rose to record highs of more than $1,700 an ounce.
Oh… my… God! This is more serious than I thought!I never thought I'd actually see this day, and now that's upon me, I almost feel like I'm hallucinating.
Glenn Beck was right!
Photo by Mario Tama/Getty Images News/Getty Images
Tags: Debt, Economy, Glenn Beck, Money, Standard & Poor's, Wall Street