US Gets Stable Credit View, Wall Street Ends Flat
On Monday, US stocks ended with little change. The United States' credit outlook was revised from negative to stable after previous strong gain sessions.
In an annual conference in San Francisco for its developers, it was announced that the shares of Apple decreased 0.7% to US$438.89. The decrease was a reverse of its early gains to becoming the biggest drag on both Nasdaq and S&P 500 composite indexes.
Among the top decliners were homebuilders led by losses in Lennar Corp falling to 3.3% at US$37.31. This was after JPMorgan downgraded the firm's stock to "neutral" from overweight. The shares from D.R. Horton Inc. also fell 2.1% to US$23.06.
Stocks were given short-lived lift after the reaction to the given rating by Standard & Poor's revision of US sovereign credit outlook from negative to stable.
The agency downgraded the US ratings from the top-rated "AAA" to "AA+" in the summer of 2011.