Treasury Prices Rise After U.S. Economic Indicators
MARKETSCOPE : Treasury bond prices rose on Tuesday, as equities weakened and investors took in data about U.S. economic indicators such as home sales and consumer confidence.
The 10-year note rose 10/32 to 99-10/32 for a yield of 4.55%, while the 30-year bond climbed 19/32 to 99-27/32 for a yield of 4.51%.
Equities were sharply lower near closing time, not helped by news that the website company Google (GOOG)'s Chief Financial Officer George Reyes said at an investment conference earlier Tuesday that his company's growth is slowing.
Fourth quarter GDP growth was revised to a 1.6% rate from the 1.1% previously reported. The revised fourth quarter GDP report showed the core PCE price index was revised to 2.1% from 2.2%, giving inflation-spooked markets some relief.
News also hit that the Conference Board's Consumer Confidence index fell a more than expected to 101.7 in February from 106.8 in January, which was revised from the 106.3 previously reported. The U.S. Chicago Purchasing Managers Index fell to 54.9 in February after slipping to 58.5 in January. U.S. Existing Home Sales fell 2.8% to a 6,560,000 rate in January from a 6,750,00 pace in December, which was revised from 6,600,000 previously.
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