Black Monday on Wall Street: Moody's Downgrades US Credit Rating, Dow Drops Over 300 Points
On the notorious Black Monday, all major U.S. stock indices fell on opening on the 19th. This drop follows Moody's downgrade of the U.S. sovereign credit rating, causing the yield on 10-year U.S. Treasuries to spike above 4.5%. Moreover, the dollar index (DXY) also saw a 1% drop in the evening Taiwan time.
Upon opening, the Dow Jones Industrial Average fell by 310.07 points, a decrease of 0.73%, closing at 42,344.67 points; the S&P 500 dropped by 60.49 points, a decline of 1.02%, to settle at 5,897.89 points; the Nasdaq composite index fell by 252.10 points, representing a 1.31% decrease, closing at 18,959.00 points; the Philadelphia semiconductor index also dropped by 109.25 points, down 2.22%, to 4,812.94 points.
