Standard and Poor’s has just announced its downgrading of Fannie Mae and Freddie Mac — the latest fallout from Friday’s national credit downgrade.

Bank of America stock is down 9.42% on the session. The Dow Jones is trading down nearly 300 points. S&P 500 down 3.14%. Nasdaq is down 3.34%. Gold is trading at $1,703 per ounce.

Update: Dow Jones is now down about 360 points. Bank of America is down 10% since opening bell. Nasdaq is now down more than 4%. Dow Jones down 373 points. Gold has moved up $50 per ounce today alone.