NEW YORK (CNNfn) - Treasury securities ended little changed Wednesday, unable to hold gains that came after a multibillion-dollar hedge fund announced it was closing.
A slump in oil prices also failed to lift prices, which drifted for the second straight session.
 Shortly after 3 p.m. ET, the bond fell 3/32 of a point to 103-22/32. Its yield, which moves inversely to its price, was unchanged from 5.98 percent Tuesday. Ten-year Treasury notes dipped 2/32 to 102-13/32, their yield flat from 6.17 percent Tuesday.
Late in the session, bonds benefited from "flight to quality" trades following news that Tiger Management is closing its Jaguar Fund because of poor performance and dwindling assets. The fund includes large amounts of equity holdings. In addition, Tiger Management may close all of its operations by the end of the week, according to industry sources.
"We're seeing a lot of strain in that market," said Tony Crescenzi, chief market strategist at Miller Tabak & Co. "It's helping Treasurys because some of that money is being funneled back into the Treasury market."
Also providing support was a decline in oil prices, after nine members of the Organization of Petroleum Exporting Countries (OPEC) agreed late Tuesday to raise oil production by 1.45 million barrels per day.
The much-awaited decision concluded two days of negotiations in order to stabilize oil prices after the organization dramatically cut production one year ago. As a result of the cuts, oil prices surged. Higher energy prices, which can spur inflation, pressured the bond market.
In New York, May crude oil futures last traded down 69 cents at $26.40 a barrel.
Elsewhere, the U.S. Treasury's $12 billion two-year note auction went well, producing an awarded yield of 5.80 percent. Analysts said there was a sense of relief there was good sponsorship for this issue. With expectations of rising interest rates, shorter-dated maturities, such as two-year notes, have been under pressure due to their sensitivity to changes in monetary policy.
Rate hike jitters continue
But the latest economic news kept the market on the defensive. U.S. new home sales fell to a 919,000 annual rate in February against an upwardly revised 924,000 rate in January, according to the Commerce Department.
The figure was above expectations of 875,000 and suggested continued strength in the housing market. With a booming economy, analysts said the data provided further evidence the Fed's tightening is far from done.
"Even with the Fed raising rates four times up to that point, the statistic revealed no significant pullback," said Kevin Flanagan, economist at Morgan Stanley Dean Witter. "The economy remains stubbornly resistant."
The central bank has increased short-term interest rates five times since June in order to slow the economy and control inflation. Yet the economy remains strong, and analysts anticipate more rate hikes in the near term. The next Fed meeting on interest rates is scheduled May 16.
Thursday's economic calendar includes final fourth-quarter gross domestic product (GDP) data, a measure of goods and services domestically produced. Analysts surveyed by Briefing.com expect GDP to be unchanged from the preliminary reading of 6.9 percent.
(Click here for a look at Briefing.com's economic calendar.)
Dollar mixed
The dollar was mixed against the major currencies Wednesday. Shortly after 3 p.m. ET, the dollar traded at 105.77 yen, down from 105.89 yen Tuesday, a 0.1 percent loss in the dollar's value.
Meanwhile, the euro traded at 95.15 cents, down from 95.71 cents Tuesday, a 0.6 percent gain in the dollar's value. 
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