Treasury Prices Rise As Global Stock Markets Sink


Salon Staff
March 7, 2012 3:00AM (UTC)

NEW YORK (AP) — Treasurys rallied as investors rushed into safe assets to avoid turmoil on global stock markets.

The Dow Jones industrial average fell 203 points, its worst loss this year. Stocks also fell more than 3 percent in Germany, Spain and France.

Advertisement:

The main worry was that not enough private investors such as hedge funds would agree to swap out their Greek government bonds for new ones with lower values. The swap is vital for Greece to reduce its debt and get more bailout money from international lenders. Without the help, the country could default.

The 10-year Treasury note rose 56.2 cents for every $100 invested. Its yield fell to 1.95 percent from 2.01 percent late Monday.

The 30-year bond rose $1.46, sending its yield down to 3.08 percent from 3.15 percent.


Salon Staff

MORE FROM Salon Staff

BROWSE SALON.COM
COMPLETELY AD FREE,
FOR THE NEXT HOUR

Read Now, Pay Later - no upfront
registration for 1-Hour Access

Click Here
7-Day Access and Monthly
Subscriptions also available
No tracking or personal data collection
beyond name and email address

•••


Fearless journalism
in your inbox every day

Sign up for our free newsletter

• • •