Gains Monday were spurred by short-covering after Friday's steep declines
From Standard & Poor's Equity ResearchS&P MARKETSCOPE: Long-dated Treasuries rose Monday on the back of short covering after steep declines in the wake of the May labor report Friday.
The 10-year note rose 05/32 in price to 96-22/32 for a yield of 4.93%. The 30-year bond rallied 15/32 to 95-26/32 for a yield of 5.02%.
The 10-year yield violated technical resistance at 4.90% last week that clears the path for further upside. However, the 5.00% level could act as a psychological barrier that could take some time to get past.