Wall Street stocks edged higher Monday (May 19) after shrugging off a spike in US Treasury bond yields following Moody's downgrade of the US credit rating. But yields subsequently eased as

Moody's downgrade of the U.S. sovereign credit rating late Friday appeared to have a modest impact on corporate bond market activity on Monday, as spreads widened slightly and new bond sales started the week softer than expected.

White House National Economic Council Director Kevin Hassett criticized Moody’s Ratings over its decision to lower the US credit rating, calling the move backward-looking and saying the Trump administration is committed to lowering federal spending.

The Moody's downgrade of the U.S. credit rating rippled through markets on Monday and put fresh focus on the nation's fiscal outlook. Long-dated Treasury yields rose, the dollar fell, while stocks edged higher after rebounding from sharp declines early in the session.

Investors will get the first chance to react to Moody’s downgrade of the U.S. credit rating late Friday over rising government debt and they’ll also look for more progress from President Trump on trade deals as the week kicks off.

Gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the U.S. government's credit rating. Spot gold rose 0.9% to $3,229.51 an ounce by 1315 ET (1715 GMT).