Investors would have liked to buy $63 billion of the AT&T bonds, making it three-times oversubscribed.

Tom Porcelli of RBC Capital Markets thinks there could conceivably be a three-handle on Friday's GDP number.

In its latest policy statement, the Fed indicated it wil start shrinking its balance sheet before it raises rates again. This could be one reason why.

After a stellar five-year auction Wednesday, strategists expected strong demand for 7-year notes as well.

The sale is expected to net about $15 billion that will go towards the purchase of Time Warner.

Best Buy may get another ratings upgrade in the next few months if it continues to grow sales and defy weak expectations.