Long-term Treasurys Fall On Last Day Of Quarter
NEW YORK (AP) ¿ Long-term Treasurys fell modestly Wednesday, pushing yields higher, after a weak economic snapshot of regional manufacturing.
The Chicago Purchasing Managers Index came in weaker than expected, which signaled the Midwestern manufacturing industry is hurting more than estimated. Investors worried that the drop meant the national Institute for Supply Management index due Thursday also would be weak.
In late trading, the price of the benchmark 10-year note fell 3/32 to 102 20/32, pushing its yield up to 3.31 percent from 3.29 percent late Tuesday. The yield on the 10-year note is closely tied to rates on consumer loans such as mortgages.
It was the second straight day of declines for the 10-year note after a stretch of five consecutive gains.The moves came as stocks zigzagged on the final day of the third quarter. The Dow Jones industrial average lost 30 points after being down more than 100 during the day. The early drop in stocks was met with fresh buyers, and traders again moved money back into stocks and out of bonds. Investors have frequently met dips in the stock market with renewed buying in recent months as the stock market has soared from multiyear lows hit in March.
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