It was another quiet grind higher. Month-end buying helped the bid, but amid thin market conditions. Treasuries opened modestly changed then moved a bit higher on the personal income data, which came in as expected, though not stronger. But despite softer oil prices, Treasuries held the bid. The news that gunmen opened fire on an American diplomat in Iraq extended the rally. But it was some retail month-end-type buying that underscored the bid.
The higher prices then forced in some tech buying. But oil moved lower, plunging over a buck, as Iraq continued pumping oil despite an explosion that damaged a pipeline. An underlying bid remained all afternoon, but the uptick stalled on a huge mortgage sale.