Market Watch: Stocks tumble after S&P downgrade of US - WNEM TV 5

Market Watch: Stocks tumble after S&P downgrade of US

Posted: Updated:
NEW YORK (AP) -

U.S. stocks are tumbling amid a rout in global markets after Standard & Poor's downgraded the U.S. credit rating for the first time.

S&P cut the long-term debt rating for the U.S. by one notch late Friday. The downgrade wasn't unexpected, but it comes when investors are already nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake.

At the opening of trading, the Dow Jones industrial average is down 192, or 1.7 percent, to 11,252. The S&P 500 is down 23, or 2 percent to 1,176. The Nasdaq is down 64, or 2.5 percent, to 2,468.

Prices for Treasurys are rising because they're still seen as one of the few safe investments.

Gold topped $1,700 per ounce for the first time.

Here are the latest readings of the major market indexes:

  • At the hour the Dow was DOWN 357.87 at 11086.74
  • NASDAQ: Composite  98.66 at 2433.75
  • Standard and Poors 500 1171.59 down 27.79

Check out our related content below for the latest stock quotes and Dollars & Sense headlines.

Copyright 2011 Associated Press. All rights reserved.

  • BusinessMore>>

  • 5 years after declaring bankruptcy, Detroit reborn at a cost

    5 years after declaring bankruptcy, Detroit reborn at a cost

    Sunday, July 15 2018 9:16 PM EDT2018-07-16 01:16:39 GMT
    (AP Photo/Corey Williams). In this July 11, 2018 photo, James Murphy, left, and Bryan Knoche work the counter at Fred's Key Shop in Midtown Detroit. Five years after Detroit filed for the largest municipal bankruptcy in U.S. history, Knoche says the sm...(AP Photo/Corey Williams). In this July 11, 2018 photo, James Murphy, left, and Bryan Knoche work the counter at Fred's Key Shop in Midtown Detroit. Five years after Detroit filed for the largest municipal bankruptcy in U.S. history, Knoche says the sm...
    Detroit has seen a remarkable turnaround since becoming the largest U.S. city to declare bankruptcy five years ago this month.More >
    Detroit has seen a remarkable turnaround since becoming the largest U.S. city to declare bankruptcy five years ago this month.More >
  • US trade, immigration and biofuel policies hit farmers hard

    US trade, immigration and biofuel policies hit farmers hard

    Sunday, July 15 2018 9:16 PM EDT2018-07-16 01:16:14 GMT
    (AP Photo/Nati Harnik). In this July 12, 2018 photo, farmer Don Bloss checks on the operation of an auger transferring corn on his farm in Pawnee City, Neb. Farmers and agricultural economists are worried that president Donald Trump’s trade, immigratio...(AP Photo/Nati Harnik). In this July 12, 2018 photo, farmer Don Bloss checks on the operation of an auger transferring corn on his farm in Pawnee City, Neb. Farmers and agricultural economists are worried that president Donald Trump’s trade, immigratio...
    Farmers and agricultural economists are worried that president Donald Trump's trade, immigration and biofuels policies will cost farms billions of dollars in lost income and force some out of business.More >
    Farmers and agricultural economists are worried that president Donald Trump's trade, immigration and biofuels policies will cost farms billions of dollars in lost income and force some out of business.More >
  • Kushner tenants: We were pushed out for luxury condo buyers

    Kushner tenants: We were pushed out for luxury condo buyers

    Sunday, July 15 2018 9:15 PM EDT2018-07-16 01:15:05 GMT
    (AP Photo/Mary Altaffer). This June 28, 2018 photo shows 184 Kent Avenue in the Brooklyn borough of New York owned by the Kushner Cos. An Associated Press investigation into one of the Kushner Cos.’ largest residential buildings in New York City reveal...(AP Photo/Mary Altaffer). This June 28, 2018 photo shows 184 Kent Avenue in the Brooklyn borough of New York owned by the Kushner Cos. An Associated Press investigation into one of the Kushner Cos.’ largest residential buildings in New York City reveal...
    Banging, drilling, dust, rats: Kushner Cos. tenants say relentless construction was used to push them out for luxury condo buyers.More >
    Banging, drilling, dust, rats: Kushner Cos. tenants say relentless construction was used to push them out for luxury condo buyers.More >
Powered by Frankly
WNEM
Powered by WorldNow CNN
All content © 2018, WNEM; Saginaw, MI. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.