NEW YORK ( TheStreet) -- The Dow Jones Industrial Average dropped below the 11,000 level and the other major U.S. equity indices plunged more than 6% as an unprecedented downgrade to the U.S. credit rating intensified worries about the global economic outlook.
The Dow has plummeted 9% in just three trading days, trading as low as 10,839 in late-afternoon trading Monday. The blue-chip index has not closed below 11,000 since September 2010.
By the closing bell, the Dow settled down 635 points, or 5.5%, at 10,811. The S&P 500 lost 80 points, or 6.7%, to 1120, and the Nasdaq closed down 175 points, or 6.9%, at 2358.
The decision from rating agency
Standard & Poor's to cut its rating on the U.S. government's debt to AA+ from AAA triggered a widespread selloff starting with global equities overnight. S&P's announcement late Friday night followed a week that saw
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