Markets plunged again this morning, with the Toronto Stock Exchange (TSX)’s S&P/TSX Composite Exchange falling 423.89 points (3.49%) to 11,738.28 shortly after market open.
The drop follows rating agency Standard & Poor ’s credit downgrade of the United States to AA+ from AAA late Friday.
That rating drop is being attributed to the U.S.’s failure to sufficiently deal with its $14 trillion debt problem.
U.S. markets similarly sunk this morning, with the Dow Jones industrial average dropping 347.96 points (3.04%) to 11,096.65 shortly after market open. The Nasdaq composite index plummeted 93.08 points (3.68%) to 2,439.33.
On Friday, the S&P/TSX Composite Exchange was down 217.96 points to 12,162.17. The TSX attributed that drop to “a stronger than expected U.S. jobs report’s [failure] to reassure investors already worried about a slowing American economy and a lack of leadership in coming to grips with the European debt crisis.”
Jenny Wagler
Twitter: JennyWagler_BIV