Stock Indexes All Positive as Investors Shake Off Moody's Downgrade
The stock market is starting to shrug off last week's Moody's downgrade of U.S. debt.
The S&P 500 was up 0.2% after starting the day trading about 1% lower. The market benchmark was now on track to rise for a sixth day in a row. The Nasdaq Composite was up 0.1%. The Dow, which was boosted by a rebound from UnitedHealth Group, was up 182 points, or 0.4%.
A decision from Moody's announced Friday night to cut its rating on U.S. sovereign debt by one notch from Aaa sent stocks tumbling and Treasury yields spiking to start the day. But such moves are already starting to unwind, with stocks now up on the day and the yield on the 10-year Treasury note nearing flat at below 4.5%.
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