U.S. corporate CDS drop amid improved economic data

01/18/2013 | Bloomberg

Positive data on housing starts and jobless claims have driven down the Markit CDX North American Investment Grade Index, a benchmark of credit default swaps. "Investors are looking at the housing-market recovery and the numbers today have moved the needle," said Jody Lurie, an analyst at Janney Montgomery Scott. "The market direction is a joining of many forces. Banks' earnings are showing a mixed picture, and that, combined with the economic news, sent ripples in the market."

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