Stocks Plunge Off a Cliff Following S&P Downward Economic Revision

The S&P said the move signals there's at least a one-in-three likelihood that it could lower its long-term rating on the United States within two years. 

You read that right: S&P just revised its US outlook to negative. EURUSD surges on what can be seen as revolutionary news... from S&P:
We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013; if an agreement is not reached and meaningful implementation does not begin by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer 'AAA' sovereigns.Unbelievable turmoil. Gold leaps, crude oil plunges, Euro skyrockets.