Wall Street tumbles to its worst loss in months

Wall Street tumbled to its worst drop in months on Wednesday as its torrid rally that critics called overdone lost more momentum.

The S&P 500 sank 1.4% for its sharpest tumble since April. It was the second straight loss for the index after it hit a 16-month high last week.

The Dow Jones Industrial Average dropped 348 points, or 1%, while the Nasdaq composite fell 2.2%.

Prices were mixed in the bond market after Fitch Ratings cut the credit rating of the U.S. government. The repeated standoffs in Congress about whether to allow a default on the U.S. debt were just some of the reasons for Fitch’s cut. The downgrade strikes at the core of the global financial system because U.S. Treasurys are considered some of the safest possible investments.

  • August 2, 2023
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