S&P Ends On Cusp of Bull Market as Traders Shrug Off Moody’s Cut
Moody’s announced Friday evening that it was stripping the US government’s top credit rating, dropping the country to Aa1 from Aaa.
Photographer: Michael Nagle/BloombergUS stocks closed little changed on Monday after paring a 1% drop while Treasuries gained, following a downgrade from Moody’s Ratings on the US government’s credit score.
The S&P 500 Index and Nasdaq 100 Index each eked out a 0.1% gain in New York after reversing their earlier losses. Treasuries also gained, after the 30-year yield briefly eclipsed 5% to reach its highest level since November 2023. The S&P 500 climbed for a sixth-straight session and is up nearly 20% from its April 8 lows, a whisker away from a bull market.