Dow Falls 300, BofA Sinks 15%; Gold Soars

cnbc.com ^ | Aug 8 2011 | By: JeeYeon Park

[NoLibZone]

Stocks tumbled sharply in heavy volume Monday after Moody's said they are maintaining the U.S.'s AAA status, but the rating depends on how the budget deficit is handled in the future.

This comes after rival S&P downgraded Fannie Mae, Freddie Mac and Federal Home Loan Bank in addition to cutting U.S.'s credit rating from triple-A for the first time in history last week.

The S&P 500 and the tech-heavy Nasdaq were down over 3 percent. August is already on track to be the worst month for the S&P and Nasdaq since Feb. 2009 and Nov. 2008, respectively.

[Sir Napsalot]

The other (more clever) Napsalot said yesterday: "At the time of his speaking, nobody realized what Obama meant by

"Solid B Plus"

That one got me going Hmmmmmmm.....