S&P MARKETSCOPE: Treasuries rose as a drop in May Chicago PMI to 54.1 from 65.6 in April outweighed higher May consumer confidence. Plus France's rejection of the EU constitution raised concern the eurozone could end up hampering global economic growth rather than contributing to it.
The news drove the euro to a seven-month low against the dollar. 10-year Treasury note surged 19/32 to 101-02/32 for a yield of 4.00%. The yield fell below 4.0% intraday for the first time since early February. The 30-year bond rallied 49/32 to 115-00/32 for a yield of 4.34%.