Treasurys slip on upbeat economic news
Prices for U.S. debt fall amid stronger-than-expected corporate earnings and Federal Reserve's low interest rate policy.
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| Click the chart for current bond prices and yields. |
NEW YORK (CNNMoney.com) -- Treasurys fell Wednesday as upbeat corporate earnings sparked a rally in stocks and on the release of meeting minutes from the Federal Reserve.
Demand for the safety of U.S. debt waned after finance firm JPMorgan Chase (JPM, Fortune 500) and chipmaker Intel Corp. (INTC, Fortune 500) reported stronger-than-expected quarterly results.
The upbeat corporate news sparked a rally on Wall Street, with the Dow Jones industrial average closing above 10,000 points -- a level not seen since Oct. 7, 2008, when it briefly touched 10,124.03.
A government report showed retail sales suffered a smaller-than-expected drop in September, falling by 1.5% versus a forecasted 2.1% decline. Sales outside the auto industry rose slightly more than expected, raising hopes that consumers are becoming more confident.
Meanwhile, the Federal Reserve released minutes from its September policy meeting suggesting that the central bank will keep interest rates at historic lows near 0% and increase purchases of mortgage-backed securities.
Bond prices. The benchmark 10-year note was down 19/32 to 101 21/32 and its yield rose to 3.42% from 3.35% late Tuesday. Bond prices and yields move in opposite directions.
The 2-year note eased 2/32 to 100 4/32, with a yield of 0.92%.
The 30-year bond lost 1 7/32 to 103 26/32. Its yield was 4.27%.
The yield on the 3-month bill was 0.7%. 
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