Wall Street Holds Steady

Treasury prices were gaining ground after Treasury Secretary Henry Paulson said that the U.S. economy is slowing to a more sustainable rate of growth. He made his comments during a speech to the House Ways and Means Committee.

The 10-year note was up 11/32 and yielding 4.76%. The 30-year bond rose 18/32 in price to yield 4.86%. The dollar strengthened against both the euro and the yen.

Commodities prices were mostly higher as a cold snap continued in the Northeast. Crude oil futures were up 14 cents to close at $58.88 a barrel, while natural gas slipped 2 cents to $7.61 per million British thermal units. Gold rose by $2.60 to $658.70 an ounce, and silver tacked on 11 cents to $13.67 an ounce.

Even though the busiest days of earnings season have passed, a few key names continue to stream in. One was Tyco (TYC Quote), who topped analysts' first-quarter profit expectations and guided in line for the second quarter. Revenue for the quarter rose to $10.33 billion from $9.6 billion a year earlier and exceeded estimates. Tyco lost 62 cents, or 1.9%, to close at $32.59.

Following the prior close, National Semiconductor (NSM Quote) cut its fiscal third-quarter sales guidance, saying revenue will drop 14% to 15% from $501.6 million in the second quarter. The chipmaker had previously forecast a decline of 8% to 11%. The stock shed 64 cents, or 2.7%, to $22.68.