The bears are still loose on Wall Street. Stocks plummeted again today, in a full reflection of the announcement late Friday that Standard & Poor's was cutting its rating on the nation's long-term debt. Brokers and traders are in panic.
The Dow Jones Industrial Average plunged more than 600 points in a full-blown sell-off. The loss was the Dow's steepest single-day decline since December 2008. Additionally, the Nasdaq dropped nearly 7 percent, and the S&P 500 lost more than 6 percent, on top of last week's 6 percent drop.