Stock Market News: Fitch downgrades U.S., stocks sink, ADP adds 324,000 jobs
Stocks fell after Fitch Ratings cut the U.S. credit rating citing heavy debt and a weak fiscal position, ADP private employers added 324,000 jobs in July ahead of Friday’s government report, the Mega Millions jackpot soars past $1 billion after no winner and AMD teases a chip made especially for China. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
In a blow to the U.S. Fitch Ratings has downgraded the credit of the nation to AA+ from AAA+ citing heavy debt and weakening financials, a warning sign for the economy.
Treasury Secretary Janet Yellen is poo-pooing Fitch's surprise downgrade of the nation's creditworthiness citing the solid economy.
The Mega Millions jackpot has soared above $1 billion after Tuesday's drawing failed to produce a winner, next chance is Friday.
If you win, should you take the lump sum or payouts over 30 years?
ADP's private employers added 324,000 jobs, in July much stronger than expected, while annual pay jumped 6.2%.
“The economy is doing better than expected and a healthy labor market continues to support household spending,” said Nela Richardson, chief economist, ADP in the report. “We continue to see a slowdown in pay growth without broad-based job loss.”
The data is a positive pre-cursor ahead of Friday's government report. Economists are expected the addition of 200,000 jobs while the unemployment holds steady at 3.6%.
Live Coverage begins here