Wall Street continued its plunge with the Dow finishing more than 500 points down to close at 11,383. The S&P ended in “correction territory” at 1200 a 4% drop as well as the Nasdaq which ended 5% down. Wall Street is reflecting the growing concern of the increased debt turmoil in both the USA and Europe.
Already the Dagong credit rating agency in China downgraded the USA credit as well as Egan-Jones the week before. Moody’s, S&P, and Fitch are on standby for a downgrade. Investors are fleeing stocks and heading to commodities, gold, and silver.
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