Bonds End Higher
S&P MARKETSCOPE: Treasuries rose modestly on Wednesday.
The 10-year Treasury rose 10/32 to 98-21/32 for a yield of 4.29%. The 30-year bond climbed 21/32 to 113-06/32 for a yield of 4.50%.
The Dept. of Treasury announced it will revive the 30-year bond next year. Market gains partly reflect short covering after some hefty selling over the past three days. Plus, the Fed announced a modest $44 billion in refunding next week, adding less supply to the market than some had anticipated.
In economic news, the July ISM (services) fell to 60.5 from 62.2 in June.
Major stock indices were little change as bond trading closed. The dollar was weaker as the euro rallied on the back of strong economic data out of Europe.