Treasuries End Flat

Bond prices closed flat from Monday's close, gaining from losses earlier in the day. For most of the day, bond prices dropped as oil prices fell and equities rallied. However, late in the day, with early exit poll results prognosticating a Kerry win, Treasuries shed some of the days losses to end even against the previous day's close.

Minor data releases hardly mattered - weekly retail sales reports were soft and Challenger Layoff announcements held no surprises. But short covering despite a further retreat in oil moved prices higher into the close.

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