Treasuries Hit by Stronger than Expected Data

Strength in stocks helped drive the market lower

U.S. Treasury issues fell in price in Friday's session but 30-year futures closed just above their 101-25/32 support level. The market rebounded a bit in the afternoon when shorts covered but faltered again as strong auto sales added to earlier data -- spending/income, NAPM/ISM and construction spending -- that suggested the economy is stronger than many had anticipated. Stocks caught and held a bid on a Friday for the first time in recent memory. Fimat's Michael Stoher in Chicago said no one wanted to own Treasuries over the weekend.

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