Year-End Targets Last month’s newsletter had this: “While historical stats favor an advancing bull through the end of the year, a 5-7% pullback in the coming weeks/months would not surprise many market analysts.” Those ‘many market analysts’ probably didn’t see it coming in hours/days. But that’s pretty much what happened.
It started on just the second day of the month. American credit rating agency Fitch Ratings downgraded U.S. debt to AA+ from the highest AAA. In the process, it delivered a dressing down to the U.S. political system and the country’s fiscal policy, citing “a steady deterioration in standards of governance.”
Predictably, markets slumped, with the Nasdaq falling more than 2%, logging its worst day since February.
It started on just the second day of the month. American credit rating agency Fitch Ratings downgraded U.S. debt to AA+ from the highest AAA. In the process, it delivered a dressing down to the U.S. political system and the country’s fiscal policy, citing “a steady deterioration in standards of governance.”
Predictably, markets slumped, with the Nasdaq falling more than 2%, logging its worst day since February.
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