U.S. stocks turned mostly higher despite Moody's trimming the US' credit rating. Treasury yields jump as investors demand more payout to hold US debt.

Moody's downgrade of the U.S. credit rating made it the third of the three major ratings agencies to downgrade U.S. credit since 2011 amid widening budget deficits.

Moody’s has downgraded the US credit rating for the first time, citing rising debt and political dysfunction. Here’s what the move means for your wallet, interest rates, and the broader economy.