Market Closes Higher, Hess Corporation Sees Credit Upgrade, Fed Releases Bank Data

Key Takeaways

  • Major U.S. stock indices closed higher today, with the Dow Jones Industrial Average (.DJI) gaining 0.45%, the S&P 500 (.SPX) up 0.39%, and the Nasdaq Composite (.IXIC) rising 0.26%.
  • Fitch Ratings has upgraded Hess Corporation's (HES) Issuer Default Rating (IDR) to 'AA' with a Stable Outlook, indicating increased creditworthiness for the energy company.
  • The Federal Reserve has released its weekly H.8 data, providing updated insights into the Assets and Liabilities of Commercial Banks in the United States.

U.S. equity markets concluded the trading day on a positive note, with all three major indices posting gains. The Dow Jones Industrial Average unofficially closed up 199.88 points, or 0.45 percent, reaching 44,893.79. The S&P 500 also saw an increase, unofficially closing up 25.01 points, or 0.39 percent, at 6,388.36. The technology-heavy Nasdaq Composite finished higher by 53.94 points, or 0.26 percent, ending the day at 21,111.90.

In corporate news, Fitch Ratings announced an upgrade to Hess Corporation's (HES) Issuer Default Rating (IDR) to 'AA' from its previous rating. The outlook for the company's rating is now Stable, reflecting Fitch's positive assessment of Hess's financial health and operational stability.

Meanwhile, the Federal Reserve has made available its latest H.8 release, which provides weekly data on the Assets and Liabilities of Commercial Banks in the United States. This release offers a comprehensive overview of the aggregate balance sheet for all commercial banks in the U.S., including separate aggregations for domestically chartered banks, large and small domestically chartered banks, and foreign-related institutions. The H.8 data is typically published by 4:15 p.m. ET each Friday, providing timely insights into the banking sector's financial position. This data is crucial for analysts and the public to monitor trends in bank lending, deposits, and overall financial stability.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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