The stock market was down Tuesday because of a shock credit rating downgrade for the United States’ long-term foreign-currency issuer default rating. It lowered its rating from AA+ to AAA. Now known as the “Fitch Downgrade,” investors digest what the agency said in justifying their decision.
The firm stated, “In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025…Cuts to non-defense discretionary spending (15% of total federal spending) as agreed in the Fiscal Responsibility Act offer only a modest improvement to the medium-term fiscal outlook.”
Even with this as the case, there are still plenty of cheap stocks to watch. This article looks at a handful of names making substantial moves higher while the stock market is down.
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