As U.S. stocks are booming and U.S. economic data is getting better, Fitch suddenly downgrades the U.S. credit rating.

The downgrade was driven by an expected deterioration in fiscal conditions over the next few years, rising government debt and a decline in governance reflected in the impasse over multiple debt upgrades.

On the day it was downgraded by S&P in 2011, global stock markets plummeted, with the S&P 500 index falling 6.66% and gold hitting a record high.