NEW YORK (CNN/Money) - U.S. Treasury yields swelled to eight-week highs Monday as growing ranks of investors were lured away from the bond market by high-flying technology stocks.

Undaunted by fresh memories of the late 1990s bubble and its messy aftermath, Wall Street lapped up technology shares amid optimism about corporate profits and the prospects for economic recovery.

Just before 4:00 p.m. ET, the 10-year note slipped 17/32 of a point in price to 99-7/32 with a yield of 3.72 percent, up from 3.66 percent Thursday. The 30-year bond lost 23/16 of a point to 109-29/32 for a yield of 4.73 percent, up from 4.69 percent Thursday.

The five-year note was down 11/32 of a point to 100-8/32 with a yield of 2.57 percent. The two-year note shed 2/32 of a point to 99-18/32 with a yield of 1.34 percent.

Yields have now climbed 52 basis points (more than one-half percentage point) since the Federal Reserve cut interest rates two weeks ago, lifting mortgage rates and threatening the home-buying and refinancing boom that has helped the U.S. economy skirt a new recession.

"The equity market is obviously having a good bid, not only here but worldwide -- Japan had its best performance in over 10 months," said Marcello Frustaci, a bond trader at Mizuho Securities in Hoboken, N.J.

Meanwhile, the euro slumped against the dollar in a downtrend triggered recently by investors' appetite for U.S. and Japanese equities. Right before 4:00 p.m. ET, the euro bought $1.135, down 1.3 percent on the day.

That put the euro at a two-month low against the dollar and a seven-week low against the yen when Tokyo stocks closed at their highest point since August.

Markets are also watching to see if a further rise in the Nikkei 225 Index could put downward pressure on the dollar against the yen, but there is still a wariness of Japanese intervention to soften the yen in an effort to keep exports competitive.

That wariness is keeping the dollar in an extremely narrow range against the yen, which is rallying against other European crosses. For the day, however, the dollar gained against the yen, buying ¥118.15, up 0.7 percent.  

-- from staff and wire reports