Treasuries, Stocks Advance as Yields, Earnings Attract Buyers
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Treasuries rose as yields near seven-month highs attracted buyers, while gains in most U.S. stocks sent the Standard & Poor’s 500 Index to the highest since 2008 following a bank takeover and stronger-than-estimated forecasts from Oracle Corp. and Research In Motion Ltd.
The 10-year note’s yield fell for a second day, dropping nine basis points to 3.32 percent at 4 p.m. after touching the highest level since May yesterday. The S&P 500 climbed 0.1 percent to 1,243.91. Coffee surged to a 13-year high, cotton rose the exchange limit and corn and sugar advanced as adverse weather threatened crops. The dollar rallied 0.5 percent to $1.3182 per euro amid concern European leaders didn’t do enough to halt the debt crisis.