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- Stocks have racked up easy gains over the past few months thanks to AI and cooling inflation.
- But investors are suddenly worried about debt again after Fitch slashed its credit rating for the US.
- The last time this happened was 2011 – and the S&P 500 took six months to recover its losses.
It's been a brilliant year for the stock market – so far.
The benchmark S&P 500 index is currently on a five-month winning streak, up 19% in 2023 thanks to a looming Federal Reserve pause and a massive surge in interest in artificial intelligence.