The S&P 500 rose for a fifth consecutive session, extending its year-to-date advance after having tumbled briefly into a bear market earlier this year. The index gained 5.3 per cent this week.
Moody’s late on Friday – about an hour after the markets closed in New York – downgraded the US credit rating one notch to Aa1, citing increasing US government debt and rising interest costs. Standard & Poor’s downgraded the US in 2011 and Fitch followed suit in 2023.
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Timothy Moore writes on equities, commodities and monetary policy. He writes Before the Bell and contributes to the Markets Live blog. Connect with Timothy on Twitter. Email Timothy at timothy.moore@afr.com
