Stocks Sink, Treasuries Rally on U.S. Rating; Gold Hits RecordStephen Kirkland and Rita Nazareth
U.S. stocks sank the most since December 2008, while Treasuries rallied and gold surged to a record, as Standard & Poor’s reduction of the nation’s credit rating fueled concern the economic slowdown will worsen. The Dow Jones Industrial Average plunged 634.76 points as approximately $2.5 trillion was erased from global equities.
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