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Bonds rise, dollar strong
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November 24, 1998: 4:37 p.m. ET
Bullish economic data does little to boost somnolent markets
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NEW YORK (CNNfn) - Lackluster stock markets and market-friendly economic data kept the U.S. Treasury bond market alive Tuesday, while the dollar showed continued strength against major world currencies in an otherwise lackluster market session.
At around 4 p.m. ET the benchmark 30-year Treasury bond traded 23/32 of a point higher in price, at 100-18/32, for a yield of 5.21 percent.
The long-end of the bond market curve -- securities maturing in 10 or 30 years -- outperformed shorter-term Treasurys in a pattern the market has followed since last week.
The day's economic data -- an upward revision in third-quarter gross domestic product growth, a report showing a sharp increase in consumer confidence in November, and declining durable goods orders for October -- were seen as bullish for bonds by suggesting the economy is in good shape. Yet none of the three reports did much to wake the bond market from its somnolent performance.
Even the auction of $16 billion in two-year notes, which was well received in the market, did little to stir weary traders looking forward to a holiday later in the week.
Meanwhile, the dollar remained on solid ground against the German mark, buoyed by speculation that the Bundesbank might change its mind and lower interest rates in the near future.
The bullish U.S. economic data and lingering optimism from Monday's stock market rally also helped breathe life into the U.S. currency.
The dollar rose against the Japanese yen as well.
The greenback traded at 121.10 yen in the late afternoon, up from 120.80 in the morning.
The dollar closed at 1.7042 marks, down only slightly from 1.7075 at the start of U.S. trading. 
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