Markets

According to the ISM's monthly report on business, the ISM index increased to 60.8 in February from 59.1 in January.

Initial claims U.S. state unemployment benefits fell by 10,000 to 210,000 in the February 24 holiday week.

Personal income rose 0.4% in January, while nominal PCE was up 0.2% and the core PCE price index rose 0.3% in the month.

Municipal bond buyers welcomed several big deals on Wednesday as demand outpaced new bond supply.

Chicago is seeking $4 billion in initial borrowing authority to launch its overhaul of the airport's terminals.

The light month for long-term municipal bond volume is another ripple effect of the new tax law and the issuance rush leading up to its enactment.

Issuers across the Southeast sold $68.5 billion of bonds in 2017, a 5.8% year-over-year decrease.

Playing a waiting game on Wednesday, portfolio managers were looking for volume to normalize.

Pending home sales plunged 4.7% to an index reading of 104.6 in January, from a downwardly revised 109.8 in December.

The Chicago Business Barometer declined to 61.9 in February from 65.7 in January.