Markets

Build America Mutual reported a jump in claims-paying resources and statutory comprehensive income in the first quarter as well as a smaller statutory loss than in the past.

New Jersey received final bonding approval on a large-scale state house renovation project.

Connecticut received a push out of double-A territory, as Fitch Ratings dropped it to A-plus.

Municipal bonds were stronger at mid-session, according to traders, who were looking ahead to next week’s still healthy new issue calendar, which is estimated at $8.79 billion.

Connecticut and capital Hartford face serious financial crises.

Analysts expect growth over the next four quarters to be "slightly stronger now" compared to their view three months ago, while the unemployment outlook is also "brighter," a survey of professional forecasters by the Philadelphia Federal Reserve Bank showed Friday.

The value of business inventories rose 0.2% in March, stronger than the 0.1% gain expected, while sales were flat, a Commerce Department report Friday showed.

The University of Michigan's preliminary May consumer sentiment index reading was 97.7, compared to the final April 97.0, and the preliminary April 98.0, according to market sources.

Municipal bonds were stronger in early activity, according to traders, as the market eyes next week’s still healthy new issue calendar.

April retail sales did not quite meet expectations Friday, rising 0.4%, with March upgraded to a positive in revision.