The sell-off is prompted by S&P's downgrade of US debt and worries about Europe's financial system. Fannie Mae and Freddie Mac are downgraded as well. Gold finishes above $1,700; oil drops below $84. Bank of America falls 20%.
By Charley Blaine on Mon, Aug 8, 2011 12:28 PM
Updated: 6:20 p.m. ET
The Great Sell-Off of 2011 became the Great Rout of 2011 as worries about European debt problems and the impact of Standard & Poor's downgrade of U.S. debt on domestic and global growth combined to push stocks to their biggest one-day losses since December 2008.
The Dow Jones Industrial Average ($INDU) suffered a loss of 635 points, or 5.5%, to 10,810, its sixth-worst point loss ever. And that was actually a decent performance, relatively speaking.
The Standard & Poor's 500 Index ($INX) was off 6.7%, and the Nasdaq Composite Index ($COMPX) fell nearly 7%. Stocks in Asian and Europe also slumped.
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