NEW YORK — Interest rates fell sharply Friday as the credit markets staged an impressive comeback after losing some ground in the previous session.
The Treasury's bellwether 30-year bond, which on Thursday fell about 1/8 point, or $1.25 per $1,000 in face amount, closed up $22.25.
Its yield slipped below 9% for the first time since November, to 8.92% from 9.15% late Thursday.
"People are getting a little more bullish" about bonds, said Jay Goldinger, an investment banker with Cantor, Fitzgerald & Co.
"It was one of those days where you didn't know exactly why you should buy but you bought anyway," he said.
Maria F. Ramirez, a managing director at Drexel Burnham Lambert Inc., said investors bought heavily because of a perceived lack of supply of bonds.