Treasuries See Further Upside Amid Sell-Off On Wall Street
Treasuries showed a notable move to the upside during trading on Tuesday, extending the rebound seen over the two previous sessions.
Bond prices gave back ground in afternoon trading after an early advance but managed to remain firmly positive. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.4 basis points 2.772 percent.
Treasuries benefitted from their appeal as a safe haven, as stocks on Wall Street pulled back sharply following the rebound seen on Monday.
n the U.S. economic front, a report released by the Commerce Department showed new orders for U.S. manufactured durable goods rebounded in the month of March.
The report showed durable goods orders climbed by 0.8 percent in March after tumbling by a revised 1.7 percent in February.
Economists had expected durable goods orders to jump by 1.0 percent compared to the 2.2 percent slump originally reported for the previous month.
Excluding orders for transportation equipment, durable goods orders surged by 1.1 percent in March after falling by 0.5 percent in February. Ex-transportation orders were expected to increase by 0.6 percent.
A separate report released by the Commerce Department on Tuesday showed a steep drop in U.S. new home sales in the month of March.
The Commerce Department said new home sales plunged by 8.6 percent to an annual rate of 763,000 from an upwardly revised rate of 835,000 in February.
Economists had expected new home sales to decrease by 0.9 percent to a rate of 765,000 from the 772,000 originally reported for the previous month.
The Conference Board also released a report showing a modest decrease in U.S. consumer confidence in the month of April.
The Conference Board said its consumer confidence index edged down to 107.3 in April from an upwardly revised 107.6 in March.
Economists had expected the consumer confidence index to dip to 106.8 from the 107.2 originally reported for the previous month.
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