Treasuries Finish Lower

The market succumbed to profit taking as stocks rebounded in late-afternoon trading

Treasuries were hit hard by a wave of profit-taking Thursday as stocks staged a solid rally. Much of the sell-off appears to have been driven by speculation of quarter end portfolio re-balancing by fund managers (buying stocks/selling Treasuries).

Thursday's focus will be on jobless claims, durable goods and new home sales data. MMS International looks for initial jobless claims to edge 4,000 lower to the 420,000 level in the week ended September 21. This would leave claims above the 400,000 threshold for the fifth straight week, which should combine with the decline in durables to support Treasuries.

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