Markets

The Empire State Manufacturing Survey showed "business activity continued to grow strongly in New York State."

In the week ended Sept. 14, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index was unchanged from 3.98% from the previous week. The BB40 Index is based on the price of 40 long-term bonds.

S&P Global Ratings cut its rating on Hartford, Conn.'s general obligation bonds by four notches to B-minus from BB and the rating on the Hartford Stadium Authority's lease revenue bonds by three notches to B-minus from BB-minus, the rating agency said on Thursday.

New York City hit the market with negotiated and competitive sales totaling over $1 billion Thursday as top-rated municipal bonds weakened.

The authority plans to sell new money and refunding bonds.

Municipal Bond Club of New York members were urged to "continue preaching" the benefits as Congress debates tax reform.

Top-rated municipal bonds were weaker at mid-session, according to traders, as New York City hit the market with negotiated and competitive sales totaling over $1 billion.

The rating agency cautioned that rising pension costs and revenue restraints could pose challenges.

The San Francisco-based broker-dealer, which launched its trading platform in May, expanded its West Coast presence.

New York City will hit the market with negotiated and competitive sales on Thursday totaling over $1 billion.