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Treasurys rise on Greek debt concerns

By Hibah Yousuf, staff reporter


NEW YORK (CNNMoney.com) -- Treasurys rose Wednesday as concerns about Greek debt sparked demand for U.S. debt.

What prices are doing: The benchmark 10-year note climbed 16/32 to 99-2/32, pushing the yield down to 3.75% from 3.80% late Monday. Bond prices and yields move in opposite directions.

10yearyield.png
Click the chart for the latest prices and yields.

The 30-year bond rose 1 point to 100-5/32, and its yield fell to 4.62%.The 2-year note edged higher 1/32 to 100 with a 1.01% yield. The 5-year note increased 7/32 to 100-1/32 with a yield of 2.50%.

What's moving the market: Investors dumped Greek debt and swapped it for the safety of U.S. Treasurys amid fear that the debt-challenged country will default. The spread between Greek and German debt rose to a 12-year high, with the yield on the 10-year Greek debt at 8.4%.

Short-term U.S. notes rose modestly as investors also geared up for a fresh supply for 2-year, 5-year and 7-year notes. The Treasury is expected to announced the size of next week's auctions on Thursday.

What analysts are saying: "Greek yields are soaring," said Peter Cardillo, chief marketing strategist at Avalon Partners. "The cost of borrowing Greek debt has gone through the roof and that's why we're people go into the Treasury market." To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.62%3.69%
15 yr fixed2.77%2.80%
5/1 ARM3.12%3.07%
30 yr refi3.61%3.69%
15 yr refi2.76%2.83%
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Index Last Change % Change
Dow 15,973.84 313.66 2.00%
Nasdaq 4,337.51 70.67 1.66%
S&P 500 1,864.78 35.70 1.95%
Treasuries 1.75 0.10 6.33%
Data as of 1:15pm ET
Company Price Change % Change
Bank of America Corp... 11.95 0.79 7.08%
General Electric Co 28.26 0.81 2.95%
Cisco Systems Inc 25.11 0.43 1.74%
Chesapeake Energy Co... 1.59 -0.19 -10.67%
Freeport-McMoRan Inc... 5.53 0.64 13.09%
Data as of Feb 12

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