The bulls were quick to argue that this means the tone of the market has improved and that we can expect to see higher prices down the road.

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But as March arrived, the tone of the IPO market took a turn for the better, and the majority of deals sold at prices within or above the ranges expected.

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According to International Financing Review, U.S. and international companies continued to take advantage of a stronger tone in the corporate bond market on Monday, with a number of deals expected to price later in the session.

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Of course, market tone is driven as much by expectations as current conditions.

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Supply sagged in August even though issuers took advantage of the strong market tone to keep the new-issue spigot open deep into the month.

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The combination of shrinking supply and rising demand bolstered market tone.

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Pebble Beach's vintage car auctions typically set the tone for the rest of the year in the global collecting market, both in terms of pricing and trends.

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In general, CEO Muhtar Kent sounded a cautious tone for the rest of the year but the North American market was one that he singled out in a positive light.

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If there is a better tone and more conviction that the market is better, one of the first stocks that money will go into is Apple.

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Boston Market has taken a similar approach, but the tone of its campaign may prove more polarizing to its clientele.

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