Markets

Respondents to the Federal Reserve Bank of Kansas City's monthly manufacturing survey reported strong activity and increased optimism in July.

S&P Global Ratings lowered the Connecticut city to BBB-plus from A-minus, and Fitch Ratings dropped the city to BBB from A-minus.

Initial jobless claims rose by 9,000 to 217,000 in the July 21 week after dipping to their lowest point since 1969 in the previous week.

Orders placed with U.S. factories for business equipment increased in June for a third straight month, a sign of investment momentum.

Municipal bond buyers were singing “I love New York” on Wednesday as they grabbed bonds from two Empire State issuers.

The Ohio-based operator is acquiring the operations of HCR ManorCare.

The upgrade comes ahead of a $619 million bond sale.

Two big New York issuers came to market on Wednesday as municipal bonds were little changed in secondary action.

U.S. purchases of new homes fell in June to the slowest pace in eight months.

The plan for a second tax reform bill is galvanizing municipal market groups to step up lobbying efforts to tout the importance and benefits of munis to lawmakers on Capitol Hill.