Market Snapshot: Dow falls 200 points after Fitch lowers U.S. credit rating

by | Aug 2, 2023 | Stock Market

Stocks traded lower Wednesday after markets were rattled by a lowering of the U.S. government’s credit rating by Fitch Ratings and as bond yields yields rose when the Treasury boosted the size of its debt sales, though data from ADP showed that the labor market is still quite strong. How are stocks trading
The Dow Jones Industrial Average
declined 225 points, or 0.6% to 35,404

The S&P 500
fell 52 points, or 1.1% to 4,524

The Nasdaq Composite
dropped 278 points, or 2% to 14,006

On Tuesday, the Dow Jones Industrial Average rose 71 points, or 0.2%, to 35631, the S&P 500 declined 12 points, or 0.27%, to 4577, and the Nasdaq Composite dropped 62 points, or 0.43%, to 14284.

What’s driving markets U.S. stocks fell Wednesday with a broad risk off tone across markets after rating agency Fitch late Tuesday lowered the U.S.’s credit rating from AAA to AA+, citing “expected fiscal deterioration” and an “erosion of governance”. Fitch’s move followed a similar move by S&P Global in 2011 aft …

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