Markets

The U.S. services sector expanded at a slower pace in December as the non-manufacturing index dropped to 57.6 from 60.7 in November.

The holidays are over and the muni bond market gets set to go back to work.

So-called prearranged trading has the potential to do harm to the muni market and land broker-dealer firms in trouble, according to new MSRB draft guidance.

Alderman Edward M. Burke, who held sway over the city's bond deals for decades, resigned with key pieces of Mayor Rahm Emanuel's agenda still pending.

Municipals were slightly weaker Friday in sympathy with Treasuries following a robust jobs report.

Non-farm payrolls increased by 312,000 in December, easily topping all forecasts.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was down to 4.07% from 4.09% the week before.

The new office staffed by veteran banker Greg Vahrenberg will focus on Kansas and Missouri issuers.

Investor worries about volatility in the stock market helped keep alive the muni rally on Thursday.

As equities traded lower, municipal bonds rallied along with Treasuries on Thursday.