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Treasuries End Higher


U.S. Treasuries finished higher Wednesday afternoon after reports of a car bomb explosion in Greece. Still, it was one choppy session, with the oil story still part of the skittish trade, along with more terror news and rumors. Prices opened firmer as oil made a new high, while the Treasury reduced the refunding to $51 billion, vs May's $54 billion, it didn't eliminate 10-year re-openings as had been anticipated.

In addition, Department of Energy data that suggested gasoline stocks are up, moved oil off the highs. Thus, prices reversed into negative territory. But while the non-manufacturing ISM and factory data were strong, the employment component of ISM fell, and prices see-sawed into the black again. A rumor of a missing plane, though later denied, also caused price havoc.

But large hedge-fund buying again surfaced in Eurodollars as well as further out the Treasury curve. Tech-buying emerged even though CNN reported Al-Qaeda operatives contacted people in the U.S., but the bid fizzled by the close.


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