Following Fitch’s downgrade of the US’s credit rating last week, Moody’s lowered its credit rating on several US banks. That started a selloff in premarket trading that continued into the regular session.
Not only was Monday’s low breached, so was last week’s/Friday’s low (4493.75) falling to 4482 before staging a rebound The rebound gathered momentum just before lunchtime and lifted the index back into the 4500 handle.
Aiding the rally was Apple Inc. snapping a three-day losing streak and Berkshire Hathaway Class B Inc. (BRK.B) and adding to Monday’s impressive gains. Also, Exxon Mobil (NYSE: XOM) shares were boosted by a rally in Crude Oil.
For the session, the index declined by 19.25 handles at the closing print of 4518.50.
Among the top components of the index, Apple Inc. (NASDAQ: AAPL) was the biggest winner. The issue snapped a three-day losing streak by gaining $0.95 or 0.53% at the closing price of $179.85.
That was just under one percent better than the cash index’s decline of 0.42%.
On the downside, Nvidia Corp (NASDAQ: NVDA) was the biggest loser of the top components. For the session, the issue declined by $8.53 or 1.9% at the closing price of $446.64.
