Muni yields rose more on Tuesday than any other day in five weeks, but participants said trading was light and selling pressure was modest as safe-haven cash exited the fixed-income markets and pushed the stock market up more than 1.20%.

“Considering what the Treasuries did, we did pretty well,” a trader in New York said. “You couldn’t have a Treasury market perform like that for two days in a row and not have us react.”

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