Stock market takes another tumble with 634 point loss - WSFA.com Montgomery Alabama news.

Stock market takes another tumble with 634 point loss

The U.S. stock market took another beating, this the first day of trading after it was announced the S&P credit rating agency was downgrading the nation's credit from AAA to AA+.

At the closing bell, the Dow was down 634 points, and the market sank below the 11,000 mark.

President Barack Obama spoke to the nation around 1:00pm, but his words failed to calm the markets. The market continued to slide as he spoke, picking up pace in the final hours of trading.

The S&P 500 lost nearly 7 percent of its value.

CLICK HERE for more information on this developing story.

Copyright 2011 WSFA 12 News. All rights reserved.

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