Treasuries Drop, S&P 500 Gains as Economic Data Top Forecasts
Treasury 10-year notes fell, pushing the yield toward its biggest weekly increase this year, and U.S. stocks gained as better-than-estimated reports on consumer confidence and the American trade deficit boosted optimism about the economy. The euro fell against most major counterparts.
Yields on 10-year Treasuries rose 12 basis points to 3.32 percent at 4:04 p.m. New York time, up from 3.01 percent a week ago. The Standard & Poor’s 500 Index added 0.6 percent. The euro dropped versus the Swiss franc and pound as leaders from Germany and France said they are against increased funding to quell the sovereign-debt crisis before next week’s summit of European Union leaders. S&P GSCI index of 24 raw materials dropped 0.5 percent after advancing up to 0.9 percent.