S&P 500 at highest level since July; Possible ratings downgrade for Italy
Wall Street rallied on Tuesday after a bullish Alcoa forecast sending the Standard & Poor's 500 Index toward its highest level since July. Meanwhile, Fitch said that there is a significant chance of a rating downgrade for Italy in the absence of a credible financial firewall in Europe. Also, Angela Merkel met IMF Managing Director Christine Lagarde to discuss the Greece bailout and the European debt crisis.
