Markets

Pension funding woes drove the downgrade and continued negative outlook.

Three major rating agencies have reaffirmed Norwalk, Conn.'s top-notch credit rating in advance of a $35 million bond sale next week.

Alaska, unable to agree on budget stability, is blowing through its reserves.

Top-shelf municipal bonds were stronger at mid-session, according to traders, who were looking ahead to next week’s new issue calendar. which Ipreo estimates at $7.66 billion.

The value of business inventories rose 0.3% in May, while business sales were down 0.2%, a Commerce Department report Friday showed.

The University of Michigan's preliminary July consumer sentiment index reading was 93.1, compared to the final June 95.1, and the preliminary June 94.5, according to market sources.

Municipal bond traders are waiting to see how much volume the market will encounter next week as they eye volatile muni yields.

Industrial production was up 0.4% in June, the Federal Reserve reported Friday.

Retail sales undershot again in June, in the minus column with a 0.2% decline.

The consumer price index Consumer Price Index came in flat, as expected, the Bureau of Labor Statistics reported Friday.