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August 8, 2011 by · Leave a Comment 

The New York Stock Exchange plunged more than 200 points at the opening of trading today (Monday) following last week’s freefall and had fallen an additional 100 points by midday, and was down 633 points at the closing bell. All three cable business outlets, the major cable news channels, and the broadcast networks had assigned reporters to cover the meltdown and some devoted their undivided attention to the task, anticipating renewed volatility following Standard & Poor’s downgrade of the U.S. credit rating. They had other bad news for investors to mull over as well. CNN and ORC International released results of a survey showing that, as CNN headlined it, “economic pessimism skyrockets.” The poll indicated that 60 percent of the public believes that the economy remains in a downslide.