Wall Street Roundup: Bloody Monday. Buffett vs. Gross.

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Gold: Trading now at $1,702 per ounce, up 3.2% from Friday. Dow Jones industrial average: Trading now at 11,128.10, down 2.7 from Friday.

Bloody Monday. Stocks have fallen fast in early trading on Monday morning as the markets absorb Standard & Poor’s Friday-evening announcement that it is downgrading the United States’ credit.

Buffett vs. Gross. Investing giant Bill Gross of PIMCO praised S&P for its move over the weekend, while Warren Buffett took the opposite position and said the U.S. deserves a AAAA rating.

AIG vs. BofA. American International Group is the latest financial player to sue Bank of America, blaming the bank for selling it low-quality mortgage securities before the financial crisis.

Remember the flash crash? Regulators are sending subpoenas to high-frequency trading firms as the authorities probe what role the firms played in recent market instability.

-- Nathaniel Popper in New York