The week started off quietly, but ended with a boom. Financial markets worldwide toppled towards the end of the week due to fears of a global recession. But the US took a big hit on Friday, with S&P downgrading its credit rating.
In a dramatic reversal of fortune, the United States lost its top-notch AAA credit rating from Standard & Poor's on Friday on concerns about growing budget deficits. This came through even though the US Congress had passed a debt deal on Tuesday. At the 11th hour, the US House of Representatives passed a Bill to increase the countryDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
