Wall Street starts fretting about US debt again after months of easy stock-market gains
slumped in early-morning trading
after the ratings agency announced its decision, before paring back some of their losses ahead of the opening bell. Fitch's downgrade"will naturally trouble investors and make them rethink their portfolio," AJ Bell's head of investment analysis Laith Khalaf said."It also might surprise some people given how the US economy is proving to be more resilient than expected."
The last time this happened was 2011: Standard & Poor's downgraded the US for the first time in history. In response, the S&P 500 dropped 6.5% and took a further six months to recover its losses. Nothing so drastic occurred in the immediate aftermath of yesterday's announcement – but the White House warned earlier this year thatFitch's move comes after the government hit its $31.4 trillion borrowing limit in January – and ended up brokering an
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