Treasuries were plunging Wednesday as the equities markets

exploded higher.

The National Association said earlier in the day that its nonmanufacturing index for November came in much stronger than economists expected, indicating that the services sector of the economy is poised for a turnaround.

The two-year was losing 19/32 to 99 26/32, yielding 3.10%. The five-year was off 1 10/32 to 96 19/32, with a yield of 4.27%. The 10-year Treasury was dropping 2 7/32 to 100 14/32 to yield 4.94%, and the 30-year bond, which is being discontinued, was sliding 2 23/32 to 99 26/32, yielding 5.39%.