Stock market today: Global stocks decline after the U.S. government's credit rating was cut

London and Paris opened lower. Tokyo lost 1.7% and Hong Kong also declined. Shanghai advanced. Oil prices retreated.

On Wall Street, the future for the benchmark S&P 500 index was 0.3% lower. For the Dow Jones Industrial Average, it declined 0.2%. Standard & Poor's stripped the U.S. of its AAA rating in 2011 after a fight over the government's borrowing limit. The Government Accountability Office later estimated that budget standoff raised borrowing costs by $1.3 billion that year.

A report Wednesday by payroll processor ADP suggested hiring in the private sector is stronger than expected, even if it slowed in July from the previous month. Strong hiring could help to dampen fears of a recession but also might persuade the Federal Reserve there is too much upward pressure on prices.

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Stock market today: Wall Street falls, and its big rally loses some more momentumStocks are falling, as Wall Street loses some more momentum following its torrid run so far this year. The S&P 500 was 0.7 per cent lower Wednesday, on track for a second straight losing day after hitting a 16-month high.
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