Coming off Thursday's strong gains, the muni market strengthened for a second session Friday, though traders said activity was quieter than recent sessions.

"There is definitely firming going on out there," a Virginia trader said, adding Utah 5s of 2019 traded at 1.71%, four basis points through the Municipal Market Data scale. Morgan Stanley won the bid for $217 million of Utah general obligation bonds in the competitive market Thursday and bonds on most maturities were priced firmer than the MMD scale.

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