Bloomberg News

U.S. Stocks Trim Gain on Concern Italy’s Debt Rating Will Be Cut

June 17, 2011

June 17 (Bloomberg) -- U.S. stocks trimmed gains after Moody’s Investors Service said it may cut Italy’s credit rating, spurring concern Europe’s debt crisis will worsen.

The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,267.98 at 3:18 p.m. in New York after rallying as much as 1 percent in morning trading. The Dow Jones Industrial Average trimmed its advance to 19.3 points, or 0.2 percent, to 11,980.82.

Italy’s Aa2 local and foreign currency government bond ratings may be cut by Moody’s, the ratings provider said. The country’s short-term Prime-1 ratings were affirmed.

To contact the editor responsible for this story: Michael Regan at mregan12@bloomberg.net


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