Treasuries Finish Higher

The looming threat of war and ongoing concerns about the economy's strength boosted Treasuries and spurred profit taking in stocks

Treasuries put in a strong performance Thursday as mounting geo-political risks and ongoing concerns about the economy's strength provided a good excuse for profit taking on Wall Street. The focus was on Chairman Greenspan's testimony and President Bush's U.N. speech against Iraq. Though Greenspan's testimony was mostly on the budget, his remark that the ill-effects from September 11, falling stocks, and lower investment still linger weighed heavily on stocks. So did his acknowledgement that the Fed would likely lower its central tendency growth forecasts if it were to redo them.

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