When Detroit became the biggest city in U.S. history to file for bankruptcy last month, it turned public attention to the municipal-bond market, where cities and states go to borrow money. Was this sleepy, often-overlooked area of the financial world actually dangerous?
Weak earnings from several U.S. companies helped drag the stock market lower Friday, putting major indexes on course for their first weekly loss this month.
Something strange has happened to investors this year. Ever since the financial crisis in 2008, many had worried that the next big disaster was waiting around the corner, ready to clobber them.