A gauge of U.S. corporate debt risk fell as Spain met a debt-auction target, easing concern that the nation would be cut off from the credit markets, and as the Federal Reserve starts a meeting to consider stimulus measures.

     The Markit CDX North America Investment Grade Index, a credit-default swaps benchmark used to hedge against losses on corporate debt or to speculate on creditworthiness, decreased 3.2 basis points to a mid-price of 116 basis points at 12:01 p.m. in New York, according to prices compiled by Bloomberg. Contracts tied to J.C. Penney Co. rose after the retailer announced yesterday that its president was leaving.

     Spain, whose 10-year bond yields climbed above 7 percent yesterday for the first time since the creation of the euro, sold 3.04 billion euros ($3.8 billion) of bills in an auction with a 3 billion-euro target. The Federal Open Market Committee begins a two-day meeting today to consider additional stimulus to counter signs of a slowing recovery amid concern that Europe's debt crisis will contaminate the U.S. economy.