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U.S. Corporate Credit Risk Index Falls to Lowest in Five Months

A gauge of corporate credit risk in the U.S. fell to the lowest in almost five months after a report showed applications for unemployment benefits fell last week.

Credit-default swaps on the Markit CDX North America Investment Grade Index, which investors use to hedge against losses on corporate debt or to speculate on creditworthiness, fell 0.3 basis point to a mid-price of 98.4 basis points, according to index administrator Markit Group Ltd. The measure, which typically declines as investor confidence improves, dropped to the lowest level since May 12.