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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.

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