Bloggers were largely scathing of Standard & Poor’s US downgrade with US Treasury yields rallying amid widespread criticism of the rating agency’s ‘unwarranted’ decision.

On the first day of trading since S&P downgraded the federal government's credit rating from triple-A on Friday , the Dow Jones Industrial Average fell by or 5.55%, or 634.76 points, to 10,809.85, its biggest points drop since December 1, 2008. The S&P 500 index dropped 6.66%, or 79.92 points to 1,119.46, and all 500 stocks in the index dropped for the first time since Bloomberg began tracking the data in 1996.