US stocks decrease the most since 2008
The Dow Jones plunged 632 points as about $2.5 trillion was erased from global equities.
Equities extended losses after the ratings cut prompted S&P to lower debt rankings on Fannie Mae, Freddie Mac and other lenders backed by the government and reduce the credit outlook on Warren Buffett’s Berkshire Hathaway Inc. to negative. President Barack Obama, breaking his silence on the downgrade, said the main obstacle facing the US is the “lack of political will in Washington” to solve the country’s problems.
