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Profit-Taking on Heels of Bond Sale

Markets / Your Money

August 10, 2001|Reuters

A tepid response to Thursday's auction of 30-year Treasury bonds and an afternoon recovery in stocks prompted some investors to take profits after Wednesday's furious rally.

"It wasn't a great 30-year auction and stocks had come back, so the market's given back its gains," said Joe Lavorgna, senior U.S. economist at Deutsche Banc Alex. Brown.

The yield on the 30-year bond, which moves in the opposite direction of its price, climbed to 5.53%, up from Wednesday's close of 5.51%. However, the yield on the six-month Treasury bill fell to 3.39% from 3.41%, and the yield on the benchmark 10-year note fell to 5.03% from 5.05%.

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