Treasuries Advance as Euro Concern Spurs Safety Demand
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Treasuries rose, changing course after yesterday’s drop, as a slide in stocks and sovereign-debt concern in Europe increased demand for the safest assets.
U.S. government securities gained as traders prepared to bid for $29 billion of seven-year debt in the last of the week’s three note sales. Treasuries rose even after initial claims for U.S. jobless benefits fell. Greece will probably have to restructure its debt again, a Standard & Poor’s official said today. Federal Reserve Chairman Ben S. Bernanke said this week U.S. economic recovery isn’t assured.