'A short-term glitch:' Wall Street pros shrug off the impact of Fitch's downgrade on markets

The Fitch downgrade of U.S.' long-term rating Tuesday night mostly amounts to "noise" as far as the market is concerned — though it could help it digest its recent gains. Fitch Ratings cut its long-term foreign currency issuer default rating for the U.S. to AA+ from AAA, saying it expects "fiscal deterioration over the next three years.

. Stovall's S & P 500 year-end target is at 4,575 . Other strategists echoed that sentiment. Wells Fargo's Christopher Harvey said that he expects any pullback in stocks to "be relatively short and shallow." Goldman Sachs' Jan Hatzius said Tuesday the downgrade will have "little direct impact" on financial markets.

's Stovall pointed out that a fall in the S & P 500 to its 50-day moving average would amount to about a 3% slide, a move the strategist said he would "call noise, it would not even be a pullback." But a slide in the broader index to its 200-day moving average would constitute a steeper fall — about 12% from Tuesday's close. Still, the strategist said this would partly be due to seasonal weakness.

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