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

Just the hot list include
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.41%4.35%
15 yr fixed3.81%3.75%
5/1 ARM4.20%4.15%
30 yr refi4.38%4.30%
15 yr refi3.79%3.72%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 24,482.21 19.27 0.08%
Nasdaq 7,172.57 26.44 0.37%
S&P 500 2,677.70 7.56 0.28%
Treasuries 2.99 0.03 1.19%
Data as of 12:10pm ET
Company Price Change % Change
General Electric Co 14.56 0.02 0.14%
Micron Technology In... 49.65 -0.97 -1.92%
Bank of America Corp... 30.38 0.12 0.41%
Advanced Micro Devic... 10.08 0.09 0.90%
Apple Inc 166.56 0.84 0.51%
Data as of 11:55am ET

Sections

US regulators are close to slapping Wells Fargo with a $1 billion fine for forcing customers into car insurance and charging mortgage borrowers unfair fees. More

The Justice Department is probing wireless carriers, and that investigation could put the eSIM card rollout on hold. More

Countless older workers are about to end their careers without money in the bank. Here's what to do if you're one of them. More