NEW YORK (CNNMoney.com) -- Treasurys gained Friday, rebounding from the previous session's losses, as stocks slipped and investors prepared for a long holiday weekend.
What prices are doing: The benchmark 10-year note rose 17/32 to 101-23/32, pushing the yield down to 3.3%, from 3.37% on Thursday. Bond prices and yields move in opposite directions.
The 30-year bond added 26/32 to 102-27/32 and yielded 4.2%. The 5-year note edged higher by 15/32 to 100-4/32, yielding 2.1%, while the 2-year note gained 7/32 to 99-31/32, yielding 0.8%.
What's moving the market: Bonds were lifted as stocks tumbled, ending the Dow's worst May in 70 years.
Markets were already down in earlier trading, but they came under further pressure as worries about the euro zone debt crisis resurfaced following news that Spain's debt had been downgraded.
Treasurys are viewed as low-risk investments since they are backed by the U.S. government and are particularly attractive during times of economic uncertainty.
The Commerce Department reported Friday that personal income rose 0.4% in April, in line with estimates after gaining the same amount in the previous month. But personal spending, which was expected to rise 0.3%, was flat in April after posting a gain of 0.6% in March.
The University of Michigan's consumer sentiment index rose to 73.6 from 73.3 in the previous month, beating economists' forecast of an increase to 73.2.
Investors were also playing it safe before the bond market's early close on Friday and ahead of a long holiday weekend as concerns about European debt persist, said Kevin Giddis, managing director of fixed-income at Morgan Keegan.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.80%||3.88%|
|15 yr fixed||3.20%||3.23%|
|30 yr refi||3.82%||3.93%|
|15 yr refi||3.20%||3.23%|
Today's featured rates:
Land O'Lakes CEO Beth Ford charts her career path, from her first job to becoming the first openly gay CEO at a Fortune 500 company in an interview with CNN's Boss Files. More
Honda and General Motors are creating a new generation of fully autonomous vehicles. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Whether you hedge inflation or look for a return that outpaces inflation, here's how to prepare. More