Treasurys fall amid hopes for bailout package
By Daniel at 30 September, 2008, 9:05 am
NEW YORK (MarketWatch) — Treasurys fell early on Tuesday, sending yields higher,
amid hopes that a financial bailout package will eventually be approved, after
its rejection in Congress Monday sent stocks plunging and bonds surging. In early
action, futures for the broad S&P 500 index were up 2.2%. Two-year note yields
were up 4 basis points at 1.70%. Repeating that the U.S. economy is at a
“critical moment,” Early Tuesday, President Bush again urged lawmakers to approve
the rescue plan for the financial markets. Bonds showed little immediate reaction
to the S&P/Case-Schiller home price index, which fell 0.9% in July, and is now
down 16.3% year on year. The Chicago purchasing managers index is expected at
9.45 am, and the Conference Board will release its September reading of consumer
confidence at 10. am.
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