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Corporate Credit Update: Cooling


Still off early Thursday lows, Investment-grade corporate credit risk cooling Friday as stocks make decent gains at midday: SPX eminis trade SPX eminis trade +39 (0.93%) at 4248.5; DJIA +233.77 (0.7%) at 33568.3; Nasdaq +153 (1.2%) at 12932.46.

  • Investment grade risk measured by Markit's CDXIG5 index -2.467 to 75.017 vs. Thursday's 73.492 low; CDXHY5 high yield index at 102.993 (+0.674).
  • Outperforming credit sectors (tighter or least wide): Senior Financials (-7.6), Technology (-2.3) and Energy (-2.2) lead.
  • Lagging sectors (wider or least narrow): Subordinated Financials (-0.7), Health Care (-1.1) and Utilities lagging (-).3.

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