Municipals chopped sideways yesterday in dull holiday trading, although futures prices closed lower on stronger-than-exected economic indicators.
The market opened with a yawn. The quietest week of the year left market players with little to do. Bond traders got an early look at an ever improving economy, although prices were affected only slightly. The index of leading U.S. economic indicators gained 0.5% in November, duplicating October's increase, the Commerce Department reported. Sales of previously owned home grew 2.9% in November to a seasonally adjusted annual rate of 4.21 million units, the National Association of Realtors reported. The November pin followed a revised 3.8% increase in October, earlier reported as a 3.6% pin.