Moody's on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase , Bank of America and Wells Fargo , after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt.

U.S. stocks pared early losses Monday as investors largely shook off concerns about the U.S. government's growing debt problem.

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.