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Treasuries, Dollar Gain on Manufacturing; S&P 500 Rises

Treasuries and the dollar gained after a report showed American manufacturing unexpectedly shrank in June. Most U.S. equities advanced, while European shares rallied and Italian bonds gained.

Ten-year Treasury yields lost six basis points to 1.59 percent at 4 p.m. in New York, while the dollar rose versus nine of 16 major peers. The Standard & Poor’s 500 Index erased earlier losses after last week capping its best June rally since 1999. The Stoxx Europe 600 Index added 1.5 percent as investors bet central banks will add to efforts to fight the debt crisis. Oil slid 1.4 percent to $83.75 a barrel following a 9.4 percent jump on June 29, its biggest since 2009.