Markets & Finance
MARKETSCOPE: Treasuries finished mixed Wednesday. The 10-year note eased 02/32 to 98-12/32 for a yield of 4.20%m and the 30-year bond rose 07/32 to 112-13/32, yielding 4.55%. The market largely ignored a surprise drop in the March trade deficit to $$54.99 billion, and the positive implications to first-quarter GDP revisions. A flight to safety drove price strength in the morning on sustained concerns about hedge fund industry, as well as troubles at airlines. Evacuation of the White House and Capitol Building around noon also contributed to upside. Once the "All Clear" was given in Washington D.C., Treasuries began to give up their early gains. Money moved back into equities as the April budget surplus came in higher than expected at $57.71 billion.