Market down on Moody’s downgrade

THE Irish market fell 34.80 points yesterday to 2,820.70 after global ratings agency, Moody’s, downgraded Ireland’s sovereign debt rating.

The outlook for the country is now described as stable, which means that a further downgrade is equally as likely as an upgrade.

US stocks also slipped back as gains from Halliburton and Boeing were offset after a homebuilder index fell to its lowest point in more than a year.