Markets

The University of Michigan's final May consumer sentiment index reading was 98.0, compared to the preliminary May 98.8 and the final April 98.8, according to market sources.

The value of U.S. durable goods new orders fell 1.7% in April, a larger drop than the 1.2% decrease expected.

In the week ended May 24, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose to 4.02% from 4.00% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Municipal bonds were mostly stronger in late trading on Thursday as market activity slowed ahead of Friday’s shortened trading session.

The $139 million refunding saved Alabama’s most populous county $12.35 million in debt-service costs.

The private developer building the new passenger terminal in Everett, Washington, used $50 million of tax-exempt bonds.

The muni market officially got much of what it has spent years fighting for on Thursday, when President Trump signed the banking bill that makes tradable, investment grade municipal securities high-quality liquid assets under federal banking rules.

The municipal market is grinding to a halt, as the long holiday weekend approaches, and market technicals are strong and should remain that way once everyone returns.

Respondents to the Federal Reserve Bank of Kansas City's monthly manufacturing survey reported stronger activity and optimism, while prices were little changed at high levels.

The covenant commits the state to four financial-restraint measures that lawmakers passed.