UPDATE 1-U.S. credit markets rally after earlier weakness

(Reuters) - The main index of investment-grade credit default swaps is
about 8 basis points tighter on the day, at around 72.75 basis
points, after widening to around 100 basis points earlier. A
high-volatility index is now 20 basis points tighter on the day
at 172.5 basis points, after widening earlier to 210 basis
points.




It's "a complete roller-coaster," said Mirko Mikelic,
portfolio manager at Fifth Third Asset Management in Grand
Rapids, Michigan. "People are attributing to the
Morgan Stanley upgrade."


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