Treasuries Move Higher Amid Continued Weakness On Wall Street

(RTTNews) - After moving sharply higher over the course of the previous sessions, treasuries saw some further upside during trading on Monday.

Bond prices moved moderately higher in morning trading before moving roughly sideways throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.1 basis points to 2.695 percent.

With the drop, the ten-year yield closed lower for the third straight session, pulling back further off last Wednesday's two-month closing high.

The strength among treasuries came as traders continued to digest last Friday's monthly jobs report, which showed slightly weaker than expected job growth in March.

While the increase in jobs was relatively strong, the data still helped to ease concerns about the Federal Reserve accelerating the pace of its stimulus withdrawal.

The Labor Department said non-farm payroll employment rose by 192,000 jobs in March compared to economist estimates for an increase of about 200,000 jobs.

Despite the continued job growth, the unemployment rate held unchanged at 6.7 percent in March, while economists had expected the unemployment rate to dip to 6.6 percent.

Treasuries also benefited from continued weakness among stocks on Wall Street, which extended the pullback seen late last week.

Traders seemed to be moving money out of riskier assets such as stocks and into safer havens like bonds as the markets wait for the quarterly earnings season to get underway.

With Tuesday representing another quiet day on the U.S. economic front, bond traders are likely to keep an eye on the results of the Treasury Department's auction of $30 billion worth of three-year notes.