Treasuries See Substantial Strength On Weak Economic Data
Thursday November 20, 2008 15:19:00 EST

(RTTNews) - With traders flocking to the relative safety of government-back bonds on the heels of the release of some troubling economic data, treasuries saw substantial strength during trading on Thursday, extending a recent upward move.

The benchmark ten-year note hovered near its best level of the day going into the close, ending the session at a five-year closing high. Subsequently, the yield on the ten-year note closed down 24.7 basis points at 3.144 percent, a five-year closing low.

Treasuries showed a notable upward move in early trading amid significant weakness in the global stock markets and following the release of a report from the Labor Department showing that initial jobless claims unexpectedly jumped to a sixteen-year high last week.

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