Treasurys fall as stocks hit highs

By Annalyn Censky, staff reporter

NEW YORK ( -- Treasurys fell late Wednesday after a raft of upbeat data pushed stock indexes to new milestones, turning investors away from safe-haven bonds.

What prices are doing: In late trading, the benchmark 10-year note fell 11/32 to 98-11/32, driving the yield up to 3.87%.

Click the chart for the latest prices and yields.

Bond prices and yields move in opposite directions.

The 30-year bond fell 26/32 to 98-10/32, and its yield rose to 4.73%. The 2-year note was flat at 99-29/32 with a 1.06% yield.

What's moving the market: Wednesday was a big day for Wall Street, as investors digested upbeat data including the latest first-quarter earnings reports, the Consumer Price Index, the Federal Reserve's Beige Book and economic reports about retail sales and business inventories.

The Consumer Price Index, the government's key indicator of inflation, rose 2.3% over the past 12 months, driven by climbing gasoline prices during the period.

Two separate reports showed retail sales soared in March and business inventories increased slightly more than expected in February.

The reports sparked risk appetite as investors piled into stocks. The S&P 500 index topped 1,200 and Nasdaq surpassed 2,500 for the first time in more than 18 months.

What analysts are saying: As the stock market reacts to first-quarter earnings reports and other economic news this week, investors also will be keeping an eye on policy changes out of Washington. Congress returned from a two-week recess Tuesday and Wall Street reform is at the top of the agenda.

"Although the final details of legislation and administration proposals eventually may prove to be both popular and productive, there are likely to be equity-unfriendly headlines prior to the late May break," Jim Vogel, head of agency debt research at FTN Financial, said in a statement to investors.

Fixed-income portfolio managers will have to grasp the volatile rhythms of the stock market, both earnings- and policy-driven, he said. To top of page

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Index Last Change % Change
Dow 32,627.97 -234.33 -0.71%
Nasdaq 13,215.24 99.07 0.76%
S&P 500 3,913.10 -2.36 -0.06%
Treasuries 1.73 0.00 0.12%
Data as of 6:29am ET
Company Price Change % Change
Ford Motor Co 8.29 0.05 0.61%
Advanced Micro Devic... 54.59 0.70 1.30%
Cisco Systems Inc 47.49 -2.44 -4.89%
General Electric Co 13.00 -0.16 -1.22%
Kraft Heinz Co 27.84 -2.20 -7.32%
Data as of 2:44pm ET


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