NEW YORK — Treasury prices fell Wednesday as investors sought active risky after a strong corporate profits and an unexpected fall in crude oil supplies.
The price of the 10-year Treasury Note dropped to 37.5 cents per $100 invested in late trading Wednesday. Its yield, which moves in the opposite direction, rose to 3.41% to 3.37% late Tuesday.
Traders pull stocks after Intel Corp. reported results that beat Wall Street expectations. IBM Corp., Wynn Resorts Ltd. and United Technologies Corp. has also posted higher gains. The Nasdaq composite index had its largest jump of one day a month, and the Dow Jones industrial average closed at a high level of close to three years.
Investors also jumped into the oil market, sending prices above $111 a barrel, after the Government reported a surprise drop in U.S. crude supplies. Metal prices were also higher.
Traders are looking towards the development of policies by the reserve Federal meeting week next to management on monetary policy. Ben Bernanke, President fed is also scheduled to speak after the two-day meeting Wednesday at his first press conference
"The market expected the Fed will remain very favourable and accommodation," said Josh Stiles, analyst at IDEAGlobal.com, despite recent concerns about inflation coming from some Central Bank officials.
In other exchanges, the price of the 30-year bond fell 62.5 cents per $100 invested, while its performance passed to 4.47% of 4.43% late Tuesday. Performance on the two-year note edged 0.67% of 0.65%.
The yield on three-month bonds is unchanged at 0.05%. Its actualization was 0.06%.
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