Treasuries Finish Higher

Disappointing July existing home sales raised concerns over the outlook for economic growth

S&P MARKETSCOPE: Treasuries rose as a disappointing 2.6% decline in July existing home sales to 7.16 million units raised concerns over the outlook for economic growth.

The 10-year note rose 07/32 to 100-18/32 for a yield of 4.18%. The 30-year bond climbed 14/32 to 114-27/32 for a yield of 4.40%.

An early lift in October WTI crude oil to the $66 level contributed to strength in bonds, though crude later pared gains to close up slightly at $65.71.

The 10-year yield is approaching important technical support at the 4.13%-4.15% level, derived from the intervening top in a double bottom pattern formed in June. This level also sits just below a 50% retracement of the advance that followed the double bottom pattern.

Equities were modestly lower as bond trading closed. The greenback was mixed after giving up some of its morning gains.

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