MARKETSCOPE : Treasury prices recovered from initial losses Thursday, as investors watched economic indicators and Federal Reserve Chairman Ben Bernanke's testimony.
The 10-year Treasury notes were yielding 5.02% at 4:00 p.m. Eastern Daylight Time from 5.07% at 9:00 a.m. and 5.05% at Wednesday's close. The 30 year bonds were yielding 5.07% from 5.12% at 4:00 p.m. and 5.10% Wednesday. Yields move inversely to prices.
Federal Reserve Chairman Ben Bernanke testified on Thursday to the House committee, but would not be pinned down on the question of whether rates will rise when the Federal Open Market Committee meets Aug. 8. Wednesday he told the Senate committee that rates will ease as the economy moderates.
The Philadelphia Fed business index fell to a lower than expected 6.0 level in July from 13.1 in June. The index is now at its lowest level since January.
News hit earlier Thursday that Initial Jobless Claims fell 30,000 to 304,000 in the week ended July 15 from a revised 334,000 the week before.
The Conference Board reported that its Index of Leading Economic Indicators rose 0.1% after falling 0.6% in May, marking the first rise in three months.
The Bureau of Labor Statistics said the median weekly earnings of the nation's 105.9 million full-time wage and salary workers rose 2.5% to $659 in the second quarter, which is less than the 4.0% increase in inflation as measured by the CPI for All Urban Consumers. Women who usually worked full time had median earnings of $593 per week, or 81.1% of the $731 median for men.