Treasuries Drop After Auction While S&P 500 Pares Advance
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Treasuries extended a third straight day of losses after a $24 billion auction of 10-year notes sold at a higher-than-forecast yield. U.S. stocks, the euro and oil erased early gains.
Ten-year U.S. note yields increased four basis points at 4 p.m. in New York, topping 2 percent for the first time in a week. The S&P 500 added less than 0.1 percent to 1,520.33, paring an early 0.4 percent advance while still closing at the highest level since October 2007, while the Europe Stoxx 600 Index closed 0.4 percent higher. The 17-nation euro currency depreciated less than 0.1 percent to $1.3447 after climbing as much as 0.5 percent. Oil slipped 0.5 percent to $97.01 a barrel after gaining 0.6 percent.