US credit protection narrows following Wall Street equity rally

Equity investors shrugged off mediocre economic news and pushed up the Dow Jones Industrial Average and the S&P 500 to the highest levels in more than a month. The positive sentiment pulled in credit protection costs for names including AOL Time Warner and Delphi, which have seen notable spread-widening in recent weeks.Credit protection on communications company AOL has contracted 110 basis points during the past two days and traded today at 610/660bp. AOL's protection costs widened 125bp to