Submitted by Fox First at Ten on July 2nd
NEW YORK (AP) - Treasury prices rose on Monday after a report that U.S. manufacturing is slowing.
The yield on the benchmark 10-year Treasury note fell to 1.59 percent on Monday, down from 1.65 on Friday. Its price rose 75 cents for every $100 invested.
A private group reported that American manufacturing shrank in June for the first time in almost three years. The Institute for Supply Management said that production declined and the number of new orders plunged.
That increased demand for low-risk assets such as government bonds. Investors shifted money out of stocks and into Treasurys. The Dow Jones industrial average fell nine points to 12,871.
The yield on the 30-year bond fell to 2.69 percent from 2.76 percent on Friday. Its price rose $1.84 for every $100 invested.
The yield on the two-year note fell to 0.29 percent from 0.32 percent. The yield on the three-month T-bill was unchanged at 0.08 percent.
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