Stocks tumbled on Monday, with the S&P dropping 3 percent after rating agency Standard & Poor's cut the top-tier AAA credit rating of the United States, rattling already-jittery investors.

The technology heavy Nasdaq was also down more than 3 percent.

The Dow Jones industrial average slid 305.92 points, or 2.67 percent, at 11,138.69. The Standard & Poor's 500 Index was down 38.43 points, or 3.20 percent, at 1,160.95. The Nasdaq Composite Index took off 86.46 points, or 3.41 percent, at 2,445.95.