Market recap: The S&P downgrade was just the catalyst; a relentless stream of bad news has...

|By:, SA News Editor
Market recap: The S&P downgrade was just the catalyst; a relentless stream of bad news has turned what could have been a short-term market dip into what now looks like a prolonged selloff. Stocks ended at session lows, with every stock in the S&P 500 lower. Financials were slaughtered, with BofA -20%. The flight to safety was full-on, as Treasurys rallied and gold soared to $1,718.50.