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Bonds Higher


INFORMA: Treasuries ended higher Friday after a day of zig-zagging trading. Nonfarm Payroll was up 110,000, half of expectations, but hourly earnings rose 0.3%. So after an initial price surge, Treasury gains were pared by profit taking sales from CTAs, hedge funds, and retail. Gains were fruther whittled as confusion emerged on the ISM debacle. Newswires released non-manufacturing ISM early, at 63.1, higher than expected. Prices fell into negative territory. The confusion forced weak longs to bail. In the afternoon, large selling stopped, and the stock mkt plunge sparked Treasury short covering all afternoon.


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