Bond prices would have to fall roughly three points from current levels to suggest a significant turnaround in sentiment, he said.

Although the market closed higher on the day, it fell back slightly from levels reached in early afternoon trading.

Sales of domestically produced cars and light trucks fell 17.8 percent in mid-April from strong levels a year ago.

As he knows, it has fallen from high levels.

As a result, crude oil prices have fallen by about 40 percent from levels last year.

By January, sales at stores open more than a year had fallen by 16 percent from levels a year earlier.

Corporate debt issuance could remain strong, however, particularly if interest rates fall a bit from current levels, according to investment bankers.

In October alone, the monthly survey fell 30 points from year-earlier levels.

"Oil and gas prices have fallen back from peak levels, but both are expected to remain firm."

The average is falling from extraordinarily high levels last year, after hurricanes interrupted energy supplies.