Bonds Skid

S&P MARKETSCOPE: Treasuries fell as the market continues to digest the firm tone of last week's FOMC meeting. May factory orders rose 2.9%, just above the 2.8% consensus, after a 0.7% gain in April. European bonds fell sharply on speculation European Central Banks will not cut rates soon. 10-year Treasury note fell 14/32 to 100-05/32 for a yield of 4.105%. 30-year bond sank 34/32 to 115-18/32 for a yield of 4.359%. Stocks were rallying despite a jump in August WTI crude oil above $60 intraday.

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