In the fixed income world, benchmark borrowing costs for highly rated state and local governments dropped to a 42-year low this week, as the pace of new municipal-bond issues slowed and cash flowing into mutual funds accelerated to a record. The weekly Bond Buyer 11-Bond index, which tracks tax- exempt yields on 20-year general-obligation debt with an average Aa1 rating, fell 14 basis points, or 0.14 percentage point, to 3.79 %, its sixth straight decline.
Overall, the Dow Jones Industrial Average was down 0.1%, the S&P 500 dropped 0.1% and the Nasdaq gave up 0.4%.
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Kevin Grewal contributed to this article.