By The Associated Press
The yield on the 10-year Treasury fell Monday as nervous investors plowed their money into a safe but low-paying investment.
Investors are yanking money out of the stock market on worries about Europe. Spain formally asked Europe for help with its struggling banks, a move that was widely expected but still didn't do anything to reassure investors.
The yield on the U.S. government's 10-year Treasury note fell to 1.61 percent from 1.67 percent late Friday. The price, which moves in the opposite direction of the yield, rose 56 cents for every $100 invested.
The yield is the interest rate that the U.S. government has to pay to persuade investors to buy its bonds. When the yield goes down, it means investors are willing to accept a lower return in exchange for holding a low-risk, easily tradable security.
The yield on the 30-year bond fell to 2.69 percent from 2.75 percent. The price rose $1.63 for every $100 invested.
The yield on the two-year note fell to 0.30 percent from 0.31 percent.
In the short-term Treasury market, the three-month T-bill held steady at 0.08 percent.
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