Markets

Pennsylvania’s budget inaction landed the state on credit watch with negative implications.

Rhode Island’s fiscal 2018 budget is in no-man’s land amid a dispute between the Senate and House.

Top-rated municipal bonds were weaker in quiet midday trading, traders said, as only a few smaller-sized bond sales hit the primary market.

The U.S. services sector expanded in June, the Institute for Supply Management reported Wednesday.

The municipal bond market was expected to remain quiet on Thursday, with only a few smaller-sized bond sales set to be priced in the primary, and action in the secondary expected to remain muted.

The U.S. international trade gap narrowed in May to $46.5 billion, very close to the $46.3 billion gap expected and following a roughly unrevised $47.6 billion gap in April.

Initial claims for U.S. state unemployment benefits rose by 4,000 to 248,000 in the July 1 week, slightly ahead of the 245,000 level expected, data released by the Labor Department Thursday showed.

Private-sector employment increased by 158,000 in June, on a seasonally adjusted basis, ADP estimated Thursday.

Illinois could still see its rating cut to junk, as Moody's raises concerns over the shortcomings of a partisan budget deal.

Top-quality municipal bonds finished mixed on Wednesday, according to traders, who returned to work after the Fourth of July holiday to see a $130.4 million new issue calendar, the smallest of the year.