Originally published Tuesday, December 28, 2010 at 10:56 AM
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Treasury prices tumble after Treasury auction
Treasury prices are dropping after results of the government's $35 billion auction of long-term bonds disappointed traders.
The Associated Press
Treasury prices are dropping after results of the government's $35 billion auction of long-term bonds disappointed traders.
The price of the 10-year Treasury note fell 84.4 cents per $100 invested. Its yield, which moves in the opposite direction, rose to 3.44 percent from 3.34 percent late Monday.
The Treasury Department sold $35 billion in five-year notes on Tuesday, but demand was weaker than expected. That follows a strong $35 billion sale of two-year notes on Monday. A $29 billion auction of seven-year notes is set for Wednesday.
Investors mostly ignored reports showing home prices on the decline again and consumer confidence waning last month. Poorer economic news typically boosts Treasury prices as traders seek safer investments.
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