The New York Times
Monday, August 8, 2011 -- 9:52 AM EDT
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Stocks Drop Almost 2% in First U.S. Trading Since Downgrade
Stocks on Wall Street opened sharply lower Monday as nervousness over the downgrade of the United States's long-term debt and Europe's fiscal problems continued to hang over global markets.
Within minutes of the opening bell in the United States, the broader market as measured by the Standard & Poor's 500-stock index was down 22.68 points, or 1.89 percent. The Dow Jones industrial average was down 178.01 points, or 1.56 percent, and the Nasdaq was down 45.1 points, or 1.82 percent.
The declines, if sustained through the trading session, are set to shave even more value from equity portfolios after last week's declines, which made up the worst drop in a five-day trading period since November 2008. By last Friday, the S. & P. 500 had dropped 7.1 percent over the week and the Dow was down 5.7 percent.
The decision late Friday by the ratings agency Standard & Poor's to downgrade the United States's debt rating one level to AA+ from AAA was likely to continue to reverberate.
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