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.

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