Late Market Update

Moody's Investors Service is likely to downgrade Spain’s sovereign ratings due to weakening economic conditions. The ratings agency expects to cut the ratings by a maximum of one or two notches. Moody's vice president and lead analyst for Spain, Kathrin Muehlbronner, mentioned, "Spain's growth prospects are weaker than those of other Aaa-rated sovereigns." Shares of Lincoln National Corp LNC added about 0.4% after Fitch Ratings upgraded its issuer default rating from “BBB+” to “A-.” Fitch also raised the company’s senior debt rating from “BBB” to “BBB+,” and junior subordinated debt rating from “BB+” to “BBB-.” Lincoln had issued preferred shares worth $950 million to the Treasury last year. US leading financial stocks have narrowed their gains today. The financial stocks have rounded out a depressing month and quarter with moderate gains. Discover Financial Services DFS gained the most today. The shares of Citigroup C gained about 1.48%, after losing 6.75% yesterday. Read more from Benzinga's Markets.