Treasuries End Higher

The terror threat and month-end buying broke the tight range

Treasuries sat in a tight range for most of the session, despite weak economic reports. Treasuries bounced by the close on strong auction results, month-end buying, and the terror scare defined by Attorney General Ashcroft.

Prices opened higher following the new Al-Qaeda threat. Durables data were weak, sparking a modest bid, but hedge-fund sales capped the pop. The drop in new-home sales data also underscored a bid, but again, there was no follow-through.

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