Treasurys fall as stocks churn

By Annalyn Censky, staff reporter

NEW YORK ( -- Treasurys fell on Thursday as the stock market churned and as investors look ahead to the government's auction of $118 billion in notes next week.

What prices are doing: The benchmark 10-year note fell 9/32 to 99-20/32 and its yield rose to 3.68%. The 30-year bond fell 9/32 to 100-20/32 and its yield rose to 4.59%. Bond prices and yields move in opposite directions.

Click the chart for current bonds prices and yields.

The 2-year note fell to 99-27/32 with a yield of 0.96%. The 5-year note fell to 99-27/32 with a yield of 2.42%.

What's moving the market: Stocks have been moving higher over the past few weeks, with the Dow, S&P 500 and the Nasdaq all rising in four of the past five weeks and posting 2010 highs on Wednesday. All three indexes are on track to end higher this week.

When stocks rally, investors tend to pull out of safe-haven bets like Treasurys, which are backed by the government.

Next week the Treasury Department will issue short-term notes, including a $44 billion in 2-year notes on Tuesday, $42 billion in 5-year notes on Wednesday and $32 billion in 7-year notes next Thursday.

What analysts are saying: U.S. debt prices have been lackluster for the past few weeks, not showing any major shifts or trends, said Kim Rupert, a fixed-income analyst with Action Economics.

Some investors think consistent stock gains are overvaluing the equities market, but since it's not venturing downward just yet, some investors are beginning to "throw in the towel" and sell their Treasurys, she said.

Others are still in "wait and see mode," holding on until economic reports signal a shift in trends. To top of page

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