Wall Street dips but European stocks rise [Video]

Wall Street stocks fell Tuesday, taking a breather from a recent market rally and digesting a US credit rating downgrade, while European and Asian shares rose as China cut interest rates to historic lows.

The dollar strengthened a little against major currencies, just ahead of a meeting of G7 finance ministers in Canada that will discuss global economic conditions, as well as seeking a common position on Ukraine.

The Chinese central bank move, which had been expected, comes as officials battle to kickstart the economy amid trade tensions with the United States and a persistent domestic spending slump.

In New York, the S&P 500, Dow Jones and Nasdaq indices all shed less than half a percentage point at the start of trading.

Analysts said investors did not seem overly alarmed by Moody’s downgrading the US credit rating last Friday, though it was weighing on the dollar and US bonds.

“The …