Markets

In the week ended Dec. 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 3.91% from 3.93% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

With the primary market at a standstill Thursday, attention turned to the first major deal of the New Year, a planned sale by the New Jersey Economic Development Authority that’s being challenged in court.

While there are no major bond issues on the slate for Thursday, one deal that is garnering some attention is next week's $381 million offering from the New Jersey Economic Development Authority

The Chicago Business Barometer rose to 67.6 in December, its highest since March 2011.

Initial jobless claims remained at 245,000 in the week ended Dec. 23, the Labor Department said Thursday.

Muni yields dropped five basis points for the second day in a row, as volume and participants were scarce.

The USDOT's approval of the allocation triggered threats from opponents that legal action will be taken.

Yields have gone further south as minimal action occurs in the primary and the secondary, with most market participants on hiatus until after the New Year.

Texas service sector activity “continued to increase in December,” according to business executives responding to the Federal Reserve Bank of Dallas' Texas Service Sector Outlook Survey, as the revenue index held at 24.4.

The consumer confidence index decreased to 122.1 in December from a revised 128.6 last month, The Conference Board reported Wednesday.