Treasuries Drop After Auction as Stocks Advance; Sugar Rises
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Treasuries slid, sending the 10-year yield up the most in two weeks, after a $35 billion auction of five-year securities attracted the weakest demand in six months. U.S. stocks advanced as commodity producers rallied.
The 10-year yield rose 16 basis points to 3.49 percent at 4 p.m. in New York. The Standard & Poor’s 500 Index increased 0.1 percent to 1,258.51 and is up 6.6 percent this month, poised for its biggest December rally since 1991. The Stoxx Europe 600 Index rebounded from its worst drop in a month, while the Shanghai Composite Index slid to a three-month low on concern over higher Chinese interest rates. Sugar climbed to a 30-year high and gold rose the most in seven weeks.