Treasurys rise on weaker GDP

By Annalyn Censky, staff reporter

NEW YORK ( -- A weaker-than-expected government report on the economy sent investors flocking back into Treasurys Friday, pushing the prices up on U.S. debt and driving yields down.

What prices are doing: The benchmark 10-year note rose 25/32 to 105-2/32, with a 2.9% yield. Bond prices and yields move in opposite directions.

The 30-year bond rose 1-28/32 to 106-30/32 and its yield rose to 3.98%. The 2-year note inched up 2/32 to 100-5/32 and yielded 0.56%, while the 5-year note edged up 12/32 to 100-24/32 and a 1.6% yield.

What's moving the market: The Commerce Department sparked concerns about the recovery when it reported gross domestic product, the broadest measure of the nation's economic activity, rose at a slower rate than expected in the three months ended June 30.

Investors view Treasurys as a low-risk buy during times of economic uncertainty, so the news increased the safe-haven appeal of the government bonds.

Numbers that continue to show the economic recovery may be loosing steam continue to make a case for owning Treasurys, Kevin Giddis, managing director of fixed income at Morgan Keegan, said in a note to investors. To top of page

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