Market Update

At noon today U.S. stock markets were in the worst slump since November 2008 in a continued sell-off fueled by Friday’s downgrade of the U.S. credit rating. Financial stocks fared the worst with shares of Bank of America Corp. falling 15 percent.

The S&P 500 has fallen to its lowest measure since October 4, while the Dow Jones Industrial Average was down nearly 3 percent to 11,104.50. The NASDAQ is down more than 4 percent to 2,430.29. As stocks fell, treasuries rose showing that investors still view the United States as a safe haven in uncertain times.