Treasury Yields Hit Half Century Low

NEW YORK (TheStreet) -- Yields on U.S. 10-year Treasuries dipped below 2% for the first time in 60 years, as investors dumped equities on news of worse-than-expected manufacturing and jobs data.

The 10-year fell 19 basis points to yield 1.97% Thursday before rebounding to 2.09%. The last time yield hit a level below two percent was in April of 1950, according to Global Financial Data. Gold hit a nominal record of $1,825 a troy ounce and the dollar rose 1% against the euro, reflecting the flight to safe haven assets.

U.S. manufacturing was at its weakest since March 2009 according to the Federal Reserve Bank of Philadelphia's general economic index released early today, while jobless claims and inflation were both higher than expected.

Investors dumped stocks today on fears that European banks may be underfunded and broader concerns about the strength of the global economic recovery.

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