Treasuries End Stronger
Thursday was all about position adjusting ahead of employment data. A laundry list of mixed data sparked very little flow, with the exception of jobless claims. While the weekly claims data showed improving labor conditions, the Street focused on strength in the continuing claims component. But the ensuing pullback was bought, and the 4.75% yield in 10-year notes continued to attract short covering.
Weaker oil prices on OPECs output increase decision was largely ignored. Prices moved higher as technical buying was sparked after explosives were found in Spain that were identical to those used in the March 11 bombing. Prices ground higher into the close on short covering.