david? david: stephanie, thank you. now, to the war in ukraine, and tonight, russian drones targeting ukrainian sport city on the danube river, nero mania. a massive fireball erupting. port operations suspended. 43,000 tons of critical grain supplies were destroyed or damaged. russia has been repeatedly hitting ukraine s ports since quitting a deal allowing safe passage for grain to reach world markets. meantime, here at home and to the economy tonight, and the stock market seeing its best rise since 1987 as of late, falling, though, today, after the u.s. government s credit rating was downgraded. the dow falling 348 points today after last week seeing that best winning streak since 87. it comes after fitch cut the u.s. credit rating from aaa to aa-plus, krifting rising debt and budget gridlock here in the u.s. tonight, treasury secretary janet yellen calling it unwarr
rating from aaa to aa plus. fitch cited expected fiscal deterioration over the next three years, as well as growing government debt burden. now, the downgrade also follows a debt ceiling agreement injune that saw months of political brinkmanship. credit ratings like these are used by investors to assess the risk profile of companies and government, us treasury and us government governments, rather. now, the us treasury secretary, janet yellen, said that she disagreed with fitch s move and said it was based on outdated data. the white house has also said that the move defies reality and that they strongly disagree with the decision. cafe giant starbucks has unveiled quarterly earnings that beat expectations. the world s largest coffee chain reported revenue of $9.2 billion. that s a jump of 12% from a year ago. the earnings were helped by a consumer recovery in china and a return to office in the united states. michelle fleury has more.
fitch is an investor service and joined s&p that did the same thing, down graded our aaa rating, which is the highest in the world. now we re at the second highest. there s no guarantee that other rating agencies might not follow in the same direction. fitch is concerned about the financial health of our country and how we deal with our finances. edward lawrence has more now. edward? neil, yeah, fitch down graded us to aa plus. they look at the deterioration of the economy over the next three years. they re looking at this game of economic chicken over and over and over again that the white house plays with congress over the debt ceiling. fitch s decision is puzzling in light of the economy strength we see in the united states. i strongly disagree with their decision and i believe it s entirely unwarranted. so the administration official called me and blames former president trump for a down grade saying in talks with
listen. there is a parlour sport in washington of when is the last minute? you can t do that with a debt limit. with a debt limit, if you look for the last minute and you make a mistake, you have done serious damage to the u.s. economy. to the world economy. it s just not responsible. it s reckless. so is this dysfunction and uncertainty something that investors are going to have to get used to? i think so. i don t think this is going away any time soon. these deadlines. it s going to be governing by deadlines. look back in history the last couple years. we had the fiscal cliff coming at the end of 2012. 2011, this debt ceiling debate once again, the s&p downgrade, the u.s. rating from aaa to aa-plus. so we have seen this in the past. also, look at that chart, christine. every crisis we ve had within about a few weeks to a month, we had a major rally following that. is that because the fed is pumping so much money into the system? the fed is the only one operating here. the
we ll get more details on that. also if you ve been looking, there are pictures that are mind boggling. a cruise ship much, much bigger than the titanic on its side. there are reports of six dead now. two americans among the missing and harrowing tales from those who tur vived and the captain has got some explaining to do. he is being asked by authorities there why did you leave that ship? and the first chance for overseas markets to react to the mass downgrade of european nations. will you pay for the mess in europe later this week? will it affect us at all. i always wonder, europe, schmeurope. were you watching, golden glo globes. you go to bed at 6:00, don t you? i try to. it didn t work out that way. if you haven t seen the artist by now, have you seen it. i have not seen it. are you going to see it? if it s not rated pg i m not going to watch it these days. if it s not animation. ricky gervais was not pg at all. i hear the fashion was fantastic also