NASDAQ, DOW tumble after S&P downgrade of US

New York: US stocks are tumbling amid a rout in global markets after Standard & Poor's downgraded the US credit rating for the first time. It cut the long-term debt rating for the US by one notch late Friday. The downgrade wasn't unexpected, but it comes when investors are already nervous about a weak US economy, European debt problems and Japan's recovery from its March earthquake.

At the opening of trading, the Dow Jones industrial average is down 192, or 1.7 per cent, to 11,252. The S&P 500 is down 23, or 2 per cent to 1,176. The Nasdaq is down 64, or 2.5 per cent, to 2,468.

Prices for Treasurys are rising because they're still seen as one of the few safe investments. Gold topped with $ 1,700 per ounce for the first time.