Traders work on the floor at the New York Stock Exchange
Oil, meanwhile, rose above $74 a barrel, and the dollar gained against the yen and weakened against the euro.
On Friday, the Dow Jones industrials shed 1.2 percent to 10,136.63 after Fitch Ratings gave
The news, however, did not come as a shock to investors in
"Asians were prepared for the downgrade for
Jackson Wong, investment manager at Tanrich Securities in
"The momentum is still on the positive side," Wong said.
Still, concerns about a possible slowdown in global demand hit big commodity names. Japanese trading house Mitsubishi Corp. lost 0.6 percent and Australian miner BHP Billiton Ltd. fell 1.2 percent.
Japanese exporters gained as the yen weakened. Canon Inc . rose 1.2 percent, and Nissan Motor Co. advanced 1.1 percent.
The S&P 500 index fell 1.2 percent in
Charles Plosser, president of the Federal Reserve Bank of
"Our growth prospects remain positive," he told reporters in
In currencies, the dollar rose to 91.54 yen from 91.02 yen late Friday. The euro rose to $1.2318 from $1.2272, a bump upward that may stem from the overselling of euros last week.
Crude oil for July delivery was up 55 cents at $74.52 in electronic trading on the New York Mercantile Exchange.
(ABC news money)