Treasuries Rise on Stock Market Selloff
The benchmark U.S. 10-year Treasury note rose 18/32 at 98-15/32 with a yield of 4.6987%.
The Labor Department reported lower payroll expansion and a rise in the
unemployment rate, which led investors to purchase safer investments such as
The U.S. dollar had the largest drop in almost a month against the euro,
dropping 0.6%. The U.S. dollar also slid lower against the yen after U.S.
reports showed slowdowns in job growth.
Overall, the U.S. dollar declined versus 13 of the 16 major currency pairs.
Losses accelerated when price broke $1.5730 per euro, where many traders had
placed stop orders.
Crude oil futures dipped 1.8% to $75.48 on speculation that U.S. economic
growth will slow, reducing demand for gasoline and other fuels.
Gold futures rose 1.3% after the dollar continued to weaken. Gold has an
inverse relationship to the U.S. dollar. Soybeans and corn futures both gained
0.8% in today’s session.
Stocks plunged on Friday, as fears continue to grow that credit market
problems, initially confined to the subprime market, are spreading throughout
the economy. Today’s disappointing employment report further heightened negative
Click here to read the rest of TradingMarkets Stock Market Recap.
Director of Education, Steve Primo, as he teaches a number of quantitative
strategies that can potentially give you an edge in your trading.
Sign up now for one of our free training classes and start learning how to
become a better trader.