NEW YORK ( TheStreet) -- The markets reacted to S&P's cut in the U.S. debt Monday with a crushing sell-off.
The Dow Jones Industrial Average plunged 634.76, or 5.55%, to 10,809.85. The S&P 500 lost 72.07, or 6.00%, to 1127.37. The Nasdaq dropped 174.72, or 6.9%, to 2357.69.
Tim Seymour said on CNBC's "Fast Money" TV show that he had a wish list of stocks to buy but felt no need to buy them now. He said today's selloff reflected a broad lack of confidence and a belief that policy is gone.
Joe Terranova said the situation reminded him not so much of 2008 but of 1998 when there was the Russian default on short-term bonds, Long-Term Capital Management and a precipitous decline from Aug. 25 to Oct. 8. However, he said that the market wound up 38% higher at the end of the year.For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw on TV
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