US stock rally stalls as Moody's cuts Portugal rating


  • Business Premium
  • Wednesday, 06 Jul 2011

NEW YORK: The first week of July is off to a much slower start than the last week of June, when stocks had their biggest gains in two years.

Major indexes were mixed for much of the day Tuesday but dipped in afternoon trading after Moody's downgraded Portugal's debt to "junk." The credit ratings agency cited concerns that Portugal will not be able to meet targets to reduce its deficit due to the "formidable challenges" the country is facing in cutting spending.

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