U.S. stocks tumbled

U.S. stocks tumbled

Scott Eells/Bloomberg

The U.S. credit rating downgrade extended a rout that wiped out $1.94 trillion in market value from the country’s stocks. S&P lowered the U.S. long-term rating one level to AA+ after markets closed on Aug. 5 while keeping the outlook at “negative” as the company becomes less confident that Congress will end Bush-era tax cuts or tackle entitlements.