Markets

Pending home sales dropped 0.7% to an index reading of 101.4 in November, after an unrevised 2.6% decline to 102.1 in October.

The MNI Chicago Business Barometer eased to 65.4 in December, down 1.0 point from November's 66.4, the latest survey showed Friday.

In the week ended Dec. 27, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell to 4.09% from 4.13% last week.

The municipal market extended its December rally in light secondary trading. No new deals came to market.

The municipal market strengthened further on Thursday, with light action in the secondary.

The consumer confidence index decreased to 128.1 in December from an upwardly revised 136.4 last month.

Studies on the returns for active vs. passive securities do not definitively declare a winner. However, J.R. Rieger of the Rieger Report explains that a higher proportion of municipal active managers best their benchmarks. John Hallacy is host.

Initial claims for U.S. state unemployment benefits fell by 1,000 to 216,000 in the December 22 week, slightly above expectations for a 215,000 level.

Municipal bonds outperformed other asset classes in 2018 and it looks like the trend will continue into the new year, a trader said.

Moody's raised the Art Institute of Chicago's rating in recognition of declining debt and stronger reserves.