Greek, Fed Uncertainty Sullies Wall Street's Rally

Lingering uncertainty over whether Greece will be able to obtain key rescue funds and an unwillingness to take positions a day ahead of a major monetary policy announcement by the Federal Reserve sapped Wall Street's momentum on Tuesday.

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Standard & Poor's slashed Italy's sovereign debt rating by one notch to "A," in a move that came earlier than expected. The ratings company cited a weakening political and economic environment in its decision to make the move. Additionally, S&P kept its outlook at negative, meaning another downgrade could be on the horizon for Europe's third-largest economy.

Despite European markets largely shrugging off the move, economists that focus on Europe have said this is yet another setback for the currency bloc, which has been in the throes of a debt crisis for months.