Treasuries Finish Lower

Inspired by a stronger manufacturing report, a stock market rally pushed Treasury prices lower on the first trading day of 2003

The first trading day of 2003 was anything but happy for bond holders, with yields backing significantly higher and a mad scramble back into stocks as the new year dawned with a large uptick on December ISM to 54.7 from 49.2. Foreshadowing of this abusive price action came from the New Year's Eve reversal and also scant early reaction to the 13,000 jump in initial claims, back above 400,000.

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