Treasury Prices Fall After Positive Housing News
MARKETSCOPE : Treasury bond prices fell on Thursday amid tepid demand for a five-year note auction in the afternoon.
The benchmark 10-year note fell 08/32 to 100-14/32 for a yield of 5.07%, while the 30-year bond sank 17/32 to 89-23/32 for a yield of 5.17%.
Stocks were rallying as the bond market closed, generating follow-through buying after a selling climax during the session on Wednesday.
New Home Sales unexpectedly rose 4.9% to a 1,198,000 pace in April following a March pace of 1,142,000, revised from 1,213,000. The data erase the declines posted in the first two months of the year.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended May 19 decreased 6.0% to 552.6 from the previous week's 588.0.
Orders for manufactured Durable Goods plunged 4.8% in April, following a 6.6% March surge.
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