Markets

U.S. construction spending posted the smallest annual increase since 2011 as homebuilding slowed amid higher borrowing costs and a glut of apartments in some areas.

New York economic conditions slipped in February, with current conditions falling to their lowest level since June.

The West and East Coasts will battle it out for the top municipal deal of the week — with California coming with a $2.3 billion GO deal and NYC coming with almost $990 million of bonds.

The upgrade Friday came as city Comptroller Scott Stinger warned about the use of numerous one-time actions to balance the budget.

The longtime municipal and fixed income strategist will become municipal bond client sales and product manager at the electronic trading platform.

Weekly bond volume is estimated at $5.84 billion, consisting of of $4.58 billion of negotiated deals and $1.27 billion of competitive sales.

Moody's Investors Service lowered the Philadelphia-based university to Baa1.

The University of Michigan's final February consumer sentiment index reading was 93.8.

The overall economy grew for the 118th straight time, the Institute for Supply Management reported Friday.

Americans' incomes unexpectedly fell in January, the first decline in about three years, following a surge in the prior month that reflected special dividends and farm subsidies.