NEW YORK (CNNMoney.com) -- Treasurys fell Monday as the stock market posted gains on news of a bailout for Greece and on better-than-expected economic reports.
What prices are doing: The benchmark 10-year note fell 10/32 to 99-14/32, pushing the yield up to 3.7%. Bond prices and yields move in opposite directions.
The 30-year bond fell 8/32 to 101-16/32 with a 4.54% yield. The 2-year note slipped to 100 with a 1.01% yield. The 5-year note fell to 100-5/32, yielding 2.48%.
What's moving the market: Over the weekend, Greece accepted a $146 billion bailout and agreed to cut its budget deficit to 3% of its gross domestic product by 2014.
Concerns about Greece's unresolved debt crisis have moved the markets for months, and news of a bailout package eased Wall Street worries, leading to gains in the stock market Monday.
As investors flock to riskier investments like equities, their appetite for "safe-haven" trades like Treasurys often weakens. U.S. bonds are considered a low-risk investment in times of economic uncertainly because they're backed by the government.
Bonds also fell on better-than-expected increases in personal spending and manufacturing activity reported on Monday morning. Separate reports showed personal spending rose for the sixth straight month in March and the manufacturing sector grew for the ninth month in a row in April.
What analysts are saying: News of a bailout for Greece may be pushing Treasury prices down Monday, but a one-day slip is not enough to indicate investors are completely convinced the bailout will work, said Kenneth Naehu, managing director and head of fixed income at Bel Air Investment Advisors.
"The market is not sold on that there's a solution for Greece. Until we see a significant rally in Greek bonds, it's hard to believe the market will have any conviction that Greece has turned the corner," he said.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.99%||4.02%|
|15 yr fixed||3.18%||3.16%|
|30 yr refi||4.01%||4.07%|
|15 yr refi||3.20%||3.19%|
Today's featured rates:
Walmart has agreed to pay $7.5 million to settle a suit that alleged the chain discriminated against gay employees. More
Increased health coverage through Obamacare and greater use of health care services accounted for the nearly 6% rise of national health spending in 2015, which approached $10,000 per person. More
Hackers have stolen 2 billion rubles -- equivalent to $31 million -- from accounts that banks keep at Russia's central bank. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Credit card issuers are competing intensely for your business, and they're willing to pay for it. More