Treasurys Rally on Flight to Safety
S&P MARKETSCOPE (08/03/2007, 3:25pm): Investment capital shifted out of equities and into the safety of Treasuries amid ongoing concerns over the deterioration in the subprime lending industry... These concerns were exacerbated today by S&P Ratings's downgrade of its outlook on BSC and news that AHM is folding... 10-year note climbed 17/32 to 98-15/32 for a yield of 4.69%... 30-year bond rallied 23/32 to 98-06/32 for a yield of 4.87%... Contributing to the bullish backdrop for bonds, July nonfarm payroll job growth came out far below expectations, while the unemployment rate rose unexpectedly to 4.6%... Elsewhere, crude oil futures sank while gold futures rallied.
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