A gauge of U.S. corporate credit risk fell for the second day on signs that progress was being made in talks to avert the so-called fiscal cliff.

The Markit CDX North American Investment Grade Index, a credit-default swaps benchmark that investors use to hedge against losses or to speculate on creditworthiness, dropped 0.9 basis point to 91 basis points at 8:03 a.m. in New York. That’s the lowest intraday level since it reached 90.9 on Oct. 19.

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