The Fitch downgrade of U.S.’ long-term rating Tuesday night mostly amounts to “noise” as far as the market is concerned — though it could help it digest its recent gains. Fitch Ratings cut its long-term foreign currency issuer default rating for the U.S. to AA+ from AAA, saying it expects “fiscal deterioration over the next three years.” The downgrade was immediately criticized by Treasury Secretary Janet Yellen and others in Washington, who said the rating is based on outdated information. The Dow Jones Industrial Average fell more than 200 points Wednesday after the downgrade as traders weighed the move. At the same time, the 10-year Treasury yield rose to its highest level since November. US10Y 1Y mountain 10-year yield 1-year However, Wall Street strategists mostly took the downgrade in stride. The S & P 500’s 17% rally this year, and the Nasdaq Composite’s 33% advance, had some traders worrying that equities have surged “too far, too fast.” “I think that it’s just a short term glitch that will end up representing a good buying opportunity through the end of the year,” said Sam Stovall, chief investment strategist at CFRA. Stovall’s S & P 500 year-end target is at 4,575 . Other strategists echoed that sentiment. Wells Fargo’s Christopher Harvey said that he expects any pullback in stocks to “be relatively short and shallow.” Goldman Sachs’ Jan Hatzius said Tuesday the downgrade will have “little direct impact” on financial markets. Meanwhile, Deutsche Bank’s Steven Zeng said the downgrade is “unlikely to trigger any large selling of Treasuries or a fundamental shift in investor behaviors,” partly because traders will remember surviving the S & P downgrade in 2011. Back then, the U.S. was going through a period of falling interest rates and markets fell into turmoil following the rating change. Still, market participants think the Fitch downgrade could draw attention to elevated levels of government deficit spending, though few expect that’s a new issue. “I don’t think there’s immediate economic impact per se, but I do think it does draw some attention to what is the more challenging fiscal and budgetary environment ahead,” BMO Wealth Management’s Yung-Yu Ma said. “I think at the margin, you can think about the fiscal environment going forward being sort of less friendly to the markets than it has been in the wake of this downgrade,” Ma continued. CFRA’s Stovall pointed out that a fall in the S & P 500 to its 50-day moving average would amount to about a 3% slide, a move the strategist said he would “call noise, it would not even be a pullback.” But a slide in the broader index to its 200-day moving average would constitute a steeper fall — about 12% from Tuesday’s close. Still, the strategist said this would partly be due to seasonal weakness. Regardless, Deutsche Bank’s Zeng said he sees any “market impact from the downgrade news as ultimately limited, and Friday’s jobs report could trump the downgrade news as monetary policy is still the dominant driver for yields.” — CNBC’s Michael Bloom contributed to this report.