US stocks fall as Dow sheds nearly 350 points after Fitch credit-rating downgrade

• US stocks dropped Wednesday, with the Dow shedding nearly 350 points.
• The sell-off follows Fitch’s downgrade of the US debt rating late Tuesday. 
• Wall Street remains skeptical of the downgrade, with Goldman Sachs shrugging it off.

US stocks dropped sharply Wednesday as investors reacted to a cut to the US debt rating and fresh job-market data.

Late Tuesday, Fitch downgraded the long-term credit rating for the US from AAA to AA+, citing the debt ceiling standoff earlier this summer, worsening debt and deficits trends, and even the January 6, 2021, Capitol riot.