Treasurys soften as stocks advance

By Ben Rooney, staff reporter

NEW YORK ( -- Treasury prices fell Wednesday as investors flocked to more risky assets in the stock market.

What prices are doing: The 10-year note was down 13/32 to 104-12/32 with a yield of 2.98%, up from 2.94% late Tuesday. Bond prices and yields move in opposite directions.

The 2-year note eased 1/32 to 100 and a yield of 0.63%, while the 5-year note lost 3/32 to 100-14/32 and yielded 1.78%.

The 30-year bond fell 1-7/32 to 107-8/32 and its yield was 3.95%.

What's moving the market: With no major economic reports to set the tone, investors appeared to focus on the stock market.

Stocks rallied, with the Dow Jones industrial average closing over 270 points higher, amid optimism about corporate profits, particularly in the banking sector.

In addition, a stronger euro helped ease some concerns about the debt crisis in Europe and boosted commodity prices.

Worries about economic growth in Europe and the United States have helped support prices for U.S. notes and bonds, which are considered among the safest assets available. But demand for safe-haven Treasurys evaporated as investors regained their appetite for risk.

On Tuesday, Treasury prices closed higher after a rally in the stock market faded in the afternoon.  To top of page

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