Wall Street finished lower, with the S&P 500 and Nasdaq down for a second straight day as investors took profits on five months of gains a day after rating agency Fitch cut the US government's credit rating
the United States to AA+ from AAA late on Tuesday, citing expected fiscal deterioration over the next three years as well as growing government debt. Fitch was the second major agency to cut the country's rating. In 2011 Standard & Poor's stripped the country of its triple-A grade.recording its biggest daily percentage drop since April 25. It was also the first session since May 23 in which the benchmark declined by more than 1%.on U.S.
However, with markets entering a seasonally slow August, the Fitch downgrade offered an opportunity for investors to take a breather. "Sometimes it's healthy to have this digestion in the market, as it brings down valuations a bit and it allows for dip-buying," said Quincy Krosby, chief global strategist for LPL Financial in Charlotte, North Carolina.
Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011.
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