In the municipal bond market, where cities and states go to borrow money, attention was focused on a ruling that allowed Detroit to enter bankruptcy to relieve its crushing debt. Detroit is the largest public bankruptcy in U.S. history.Tuesday's ruling was widely expected, so it had little immediate impact on the market, said Patrick Stoffel, a municipal analyst at Wells Fargo Advisors.
Stocks Slip On Fed, US Consumer Worries
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts