Pursuits
Treasuries Fluctuate as Service-Sector Gauge Raises Growth Worry
- Markit services PMI lowest since 2013, sparking market gains
- U.S. bond index returns 2.7% in 2016 as stocks, oil decline
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Treasuries fluctuated after a weak reading on service-sector growth cast doubt on the resilience of one of the bright spots in the U.S. economy.
Benchmark yields fell initially after Markit Economics reported the worst reading on U.S. service-sector activity since 2013. Its preliminary services purchasing managers’ index for February fell to 49.8 from 53.2 in January. Readings below 50 indicate contraction. Separately, new home sales fell more than previously forecast. Bonds pared gains as oil and stocks rebounded.