S&P 500: The S&P 500 shrugged off Fitch's warning of a U.S. credit rating cut as the market bets that Biden won't repeat the same mistake his former boss made

 


The S&P 500 managed to break above the key resistance level at 4,200, despite a Fitch warning on Wednesday of a U.S. rating downgrade as debt-limit talks stalled. The market, however, has high hopes that an agreement will be reached in time before the June 1 deadline and history doesn't repeat itself.

In 2011, the S&P downgraded its rating of long-term U.S. government debt from AAA to AA+, following a prolonged battle over the debt ceiling and passage of a fiscal package the rating firm deemed insufficient, per Barrons.

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