Treasuries rebound as European bond yields pull back; 30-year bond yield drops 8 bps

By Sheri Kasprzak

New York, May 7 – Treasuries closed the day on a strong note as European bond yields pulled back and as a weeklong sell-off finally stopped. The dust also appeared to clear on recently priced massive corporate deals from Royal Dutch Shell and Apple Inc.

The 30-year bond yield fell by 8 basis points to end at 2.90% after climbing as high as 3% during the week, and the 10-year note yield fell by 7 bps to 2.18%. The five-year note yield fell by 3 bps to 1.55%.

European bond yields pulled back on the day, with the 10-year German bund yield settling at 0.58%.

Jobless claims climb

Elsewhere during the session, jobless claims rose by 3,000 to 265,000 for the week ended May 2 from the previous week’s unrevised 262,000 level, according to a report from the Department of Labor.

The four-week moving average was 279,500, down 4,250 from the previous week’s unrevised average of 283,750, the lowest level since May 6, 2000 when it was 279,250.

The advanced seasonally adjusted insured unemployment rate was 1.7% for the week ended April 25, the report said, unchanged from the previous week’s unrevised rate.

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