SmarTrend Market Close Wrap-Up — August 8, 2011
The major US equity indices closed sharply lower Monday in the first trading session after Standard & Poor’s cut the United States’ AAA Credit Rating. President Barack Obama said he hoped the decision by Standard & Poor’s would at least give Congress a renewed sense of urgency to tackle debt problems. He said that must be done primarily by taking on the politically difficult issues of reforming taxes and entitlement programs in the coming months. In corporate news,American International Group (NYSE:AIG) has plans to sue Bank of America (NYSE:BAC) due to losses on hundreds of mortgage-backed securities.