U.S. stock benchmarks took another big hit Monday, in the first day of trading since America's credit was downgraded by Standard and Poor's rating agency late Friday. The Dow Jones Industrial index closed below the 11,000 mark for the first time since late 2010, ending the day at 10,811.
How The U.S. Gave S&P Its Power
August 8, 2011 By
The government gave rating agencies a special position in the financial system. "There's some ironies, shall we say, in all of this," a professor says.
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Market Turmoil Fuels Gold Rush
August 8, 2011 By
The stock markets may be sinking, but the price of gold is on the rise — it topped $1,700 an ounce Monday. The spike in gold is a sign that nervous investors think there's nowhere else safe to put their money, economists say.
Why The Downgrade Won’t End The D.C. Dysfunction
August 8, 2011 By
You might think the first-ever downgrade of the nation's debt would jolt Washington out of its partisan bickering. You would be wrong.
How Much Do Debt Ratings Matter?
August 8, 2011 By
Speculation abounds about the impact of S&P's unprecedented downgrade of U.S. government debt. The news weighed on stock markets and raised questions about the impact on the economy. But experts say ratings matter less than they once did.
Why Didn’t Other Agencies Dock U.S. Credit Rating?
August 8, 2011 By
Melissa Block talks with Roben Farzad of Bloomberg BusinessWeek about why Standard & Poor's has downgraded U.S. debt while other rating agencies have not, and how such decisions are made.
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On Economy, Obama Calls For Confidence, Action
August 8, 2011 By
President Obama spoke Monday for the first time since the ratings agency Standard & Poor's downgraded the credit rating of U.S. debt on Friday. The president reiterated plans previously announced to extend jobless benefits and payroll tax cuts to improve the flow of demand in the economy.
U.S. Credit Downgrade Ripples Around The World
August 8, 2011 By
It was a wild day for the markets on the first trading day after the U.S. saw its credit downgraded from AAA to AA-plus. What was up, what was down and how are the markets reacting?
What Investors Are Doing After The U.S. Downgrade
August 8, 2011 By
Melissa Block talks with Ted Weisberg, the president of Seaport Securities, about the volatile market reaction after the U.S. credit rating was downgraded by Standard and Poor's last Friday.
Debt Downgrade Weakens U.S. Stature Abroad
August 8, 2011 By
The recent debate over the debt ceiling and the downgrade of U.S. debt has foreign economists worried about America's fiscal future. Belt-tightening is certain to come, but observers in Europe and Asia worry it won't go far enough in addressing underlying problems.
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