Markets & Finance

Bonds Surge

S&P MARKETSCOPE: Treasuries surged as equities plunged on rumors about hedge funds troubles. The rumors started in Europe, but haven't pinpointed the source of trouble but equity selling accelerated during the afternoon. Treasuries got a boost from a strong $22 billion 3-year note auction that kicked off a quarterly refunding program. 3-year notes were up 05/32 to 99 for a yield of 3.761%.

Apparently some traders were hopeful of good news from tomorrow's Treasury Budget report. At the same time, many are looking for a large March Trade deficit. 10-year notes were up 17/32 to 98-09/32 for a yield of 4.220%, and the 30-year bond was up 26/32 to 112-01/32 for yield of 4.578%.

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