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Downgrade batters U.S. stock markets

US stocks dropped sharply on Monday, while Treasury bond prices actually rose in the wake of Standard & Poor’s unprecedented downgrade of the United States’s credit rating. The Dow Jones Industrial Average plummeted 334.68 points (2.9 percent) to 11,109.93 at 1630 GMT. The broader S&P 500 dropped 45.64 points (3.8…