Treasurys advance on GDP report

By Ben Rooney, staff reporter

NEW YORK ( -- Treasury prices rose Friday after the government said economic growth was weaker than previously estimated and a major overhaul of financial regulations cleared a legislative hurdle.

What prices are doing: The benchmark 10-year note was up 10/32 to 103-11/32 and its yield fell to 3.11% from 3.12% on Thursday. Bond prices and yields move in opposite directions.

The 30-year bond rose 26/32 to 105-15/32 with a yield of 4.06%. The 2-year note gained 2/32 to 99-31/32 and its yield was 0.66%.

What's moving the market: Economic growth for the first three months of the year was revised lower, to an annual rate of 2.7% from the previous reading of 3%. Economists surveyed by expected growth to remain unchanged at 3%.

Separately, an index of consumer sentiment rose in June to the highest level since January 2008. The Reuters/University of Michigan's Surveys of Consumers rose to 76 from 73.6 in May. Economists expected the index to remain steady at 75.5.

Meanwhile, lawmakers in the House and Senate finalized negotiations on a bill that would overhaul the financial system. The agreement, which came after marathon talks that ended early Friday, paves the way for a final vote in July.

Treasurys were on track for a weekly gain as investors remain nervous about the economy. The Federal Reserve issued a more cautious outlook earlier this week, raising concerns about housing and the outlook for growth.

In addition, the U.S. sold $108 billion worth of Treasurys this week, including 2-, 5- and 7-year notes.  To top of page

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