Wall Street Plummeted Monday, Down an Additional 634 Points at Closing Bell

By Scott Sarvay

August 8, 2011 Updated Aug 8, 2011 at 5:48 PM EDT

NEW YORK (Indiana’s NewsCenter) - Your pocketbook and retirement fund took a beating Monday, a really big one in fact.

Wall Street plummeted, the Dow Jones opened Monday sharply lower and plunged 300 points in the first hour then was up and down the rest of the day before ending down by more than 634 points on the first day after S&P downgraded American debt to AA+.

S&P took more action Monday by downgrading Fannie Mae, Freddie Mac and some other government-backed debt, the first wave in an expected series of ripple effects.

For the United States it’s become a crisis of confidence in Washington. Something markets and traders around the world are paying a steep price.

Now the world is waiting to see whether Congress can put aside politics and make the cuts needed to prevent further damage.

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