Treasury Prices Fall as Investors React to Solid Economic Data
Dow Jones Newswires</br></br>NEW YORK -- U.S. Treasurys attracted further selling yesterday, as investors reacted to the recent string of solid economic reports.</br></br>In late trading, the 10-year note was yielding 4.57%, near its high for the session of 4.58%. A week ago the 10-year tested 4.39%, and since then data casting the economy in sound shape has pushed yields higher.</br></br>"The economy is cruising along at a good clip, and people think rates should move a little higher," said John Roberts, managing director at Barclays Capital in New York.</br></br>In the latest round of data, the Institute for Supply Management's nonmanufacturing index, which is comprised mostly of services, moved to a reading of 58.5 last month, from 60.0 in October. Readings above 50 indicate expansion, and the result for November was roughly in line with the pullback to 59.0 expected by economists.