Let it Rip: Market madness

(FOX 25 / MyFoxBoston.com) - Monday was one of the worst days ever on Wall Street as the Dow shed more than 600 points. But global markets largely stabilized Tuesday morning, which may be good news when trading opens.

It was the first trading day since Friday's announcement that Standard and Poor's was downgrading the U.S. credit rating. The Dow closed down 634 points, a drop of 5.5 percent.

The tanking of the markets prompted President Barack Obama to deliver a White House address during the day. The president tried to reassure Americans that our credit status is still in good standing.

Credit agency Moody's still stands by it's top rating for the U.S., but a report just out says the agency finds that Massachusetts is number two on a list of areas also at risk for a downgrade.

The ranking is based on the fact that the Commonwealth relies heavily on federal funds. Watch our Let it Rip for more on this story.