Treasuries ended lower in light trade as traders squared their positions ahead of the long holiday weekend. The decline started in morning trade after the surprisingly large drop in weekly jobless claims, which offered further signs of a stabilizing job market and led to speculation that the Fed would soon tighten rates.
Initial jobless claims shed 14,000 to 328,000 in the week ended April 3, down from 342,000 week before. The four-week moving average fell to 336,750, from 340,000. March 27 continuing claims fell to 3,010,000, from 3,050,000 week before. But the insured jobless rate remained unchanged at 2.4%.
The market closed at 1 p.m. EDT today for the Easter holiday and is closed tomorrow for Good Friday.