NEW YORK (CNNMoney.com) -- Treasury prices rose Wednesday as disappointing manufacturing data dragged stocks lower and a $37 billion auction of five-year notes was well received.
What prices are doing: The benchmark 10-year note rose 17/32 to 104-10/32, pushing its yield down to 2.99% from 3.05% late Tuesday. Bond prices and yields move in opposite directions.
The 30-year bond rose 9/32 to 105-9/32 and its yield was 4.07%. The 2-year note edged up 4/32 to 100-1/32 and yielded 0.62%, while the 5-year note rose 14/32 to 100-27/32 with a yield of 1.77%.
What's moving the market: The government sold $37 billion worth of 5-year notes as part of a $104 billion debt offering this week.
The bid-to-cover ratio, a measure of demand, was 3.06 -- slightly higher than the previous five-year note auction in June.
In addition, the U.S. sold $38 billion in two-year notes Monday and an offering of $29 billion in seven-year notes is on tap Thursday.
Meanwhile, stocks closed lower after a report showed that durable goods orders sank in June, adding to worries about economic growth.
Orders fell 1% in June, after falling 0.8% in May, according the U.S. Census Department. Economists surveyed by Briefing.com had expected orders to have risen 1% in June.
Investors also responded to the Federal Reserve's "Beige Book," a reading on the nation's 12 economic districts. The U.S. economy continued to show signs of modest improvement in recent months, according to the report.
Because Treasurys are backed by the U.S. government, they are viewed as low-risk investments and are attractive during times of economic uncertainty. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.89% | 3.88% | |
| 15 yr fixed | 3.21% | 3.21% | |
| 5/1 ARM | 2.87% | 2.88% | |
| 30 yr refi | 3.96% | 3.96% | |
| 15 yr refi | 3.30% | 3.29% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,801.23 | -89.23 | -0.69% |
| Nasdaq | 2,903.88 | -23.35 | -0.80% |
| S&P 500 | 1,342.64 | -9.31 | -0.69% |
| Treasuries | 1.97 | -0.08 | -3.81% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 8.07 | -0.11 | -1.34% |
| Cisco Systems Inc | 19.90 | -0.10 | -0.52% |
| Ford Motor Co | 12.44 | -0.25 | -1.97% |
| General Electric Co | 18.88 | -0.26 | -1.33% |
| Microsoft Corp | 30.50 | -0.16 | -0.54% |
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