GOLD

The Dow Jones Industrial Average was rocked by investor fear on Monday, dropping 634 points during trading.

Gold notched a new high on Monday as investors ran to the precious metal for safety amid collapsing stock markets.

The Dow Jones industrial average plummeted more than 600 points midday Monday, as the disarray continues following Standard & Poor's downgrading of the United States' credit rating on Friday. The Dow traded down 536.18 points, or 4.7 percent, at 10908.43. It is fast on track to having its worst day since December 2008. Additionally, the Standard & Poor's 500 index sharply went down 68.49 points, or 5.7 percent, to 1130.89.

Amidst the slaughter in equities, Treasuries rallied and gold soared to a new all-time high.

The Dow Jones suffered its sixth-worse loss ever on Monday, dropping 634 points in the first trading day after S&P's downgrade of the United States.

U.S. stocks plummeted for the second straight session, driving the S&P 500 and the Nasdaq down 6 percent on Monday in the first session since Standard & Poor's cut the nation's perfect AAA credit rating.

Coeur d'Alene Mines swings to a profit in the second-quarter as its Palmarejo mine in Mexico contributes record output and record low costs.

Tyra Banks and Fergie top the list of worst-dressed Hollywood celebrities at the 2011 Teen Choice Awards.

The stock market today show sharp drops, following a downgrade by S&P from a stellar AAA to AA+, including all sectors in the S&P 500. On the other hand, investors are rushing into buying bonds rather than stock.

Some investors, who were already jittery about the European debt crisis, and continued bad news on the US economic front, appear to have thrown in the towel.

Mauritius is cutting its foreign reserve exposure to the U.S. dollar and the euro due to debt concerns in both regions by purchasing commodity currencies and is eyeing government securities from some of the BRIC nations, it said on Monday.

The Kenyan shilling extended its tumble to touch a new record low of 93.58 against the dollar on Monday, while the benchmark share index fell 2 percent as the global sell-off of emerging and frontier assets hit local markets.

South Africa's Reserve Bank sees no reason at this stage to make any significant changes in the make up of its foreign currency reserves, the Bank said on Monday, after Nigeria and Mauritius announced plans to diversify their own holdings.

Gold vaulted to record highs above $1,700 an ounce on Monday, surging nearly 3 percent as European Central Bank's buying of Italian and Spanish bonds failed to ease debt fears after Standard & Poor's cut the top-notch AAA credit rating of the United States.

S.Africa's rand and stocks fell to multi-month lows on Monday as investors dumping risk hammered everything from resource firms to banks after the downgrade of the U.S. credit rating prompted a sell-off.

Toronto's main stock market index sank more than 3 percent to its lowest point in nearly a year on Monday as a downgrade of the U.S. credit rating shook investor confidence globally and drove commodity prices sharply lower.

Shares of major gold mining companies notched fresh gains in midday trading Monday as the price of the precious metal topped $1,700 per ounce.

Standard & Poor's lowered its long-term debt rating for the U.S. to AA+, while Moody?s and Fitch maintained their ratings.

U.S. stock index futures tracked a sharp drop in global equity markets on Monday after rating agency Standard & Poor's cut the top-tier AAA credit rating of the United States, rattling already-jittery investors.

Gold vaulted above $1,700 an ounce for the first time on Monday after pledges by the G7 and the European Central Bank to quell the turbulence in the financial markets did nothing to put investors at ease.

A first-ever debt downgrade of U.S. government bonds plus worries over contagion in Europe drive investors to the safety of gold.