October 27, 2009 at 18:10 PM EDT
Solid Demand Greets Two-Year Auction, Breathing Life Into Broader Bond Market
Treasuries rose Tuesday in bargain-hunting and after strong demand for an auction of two-year notes, part of this week's record $123 billion supply of government bonds. Data showing a surprise decline in consumer confidence this month revived worries about the pace of economic recovery and further drove demand for bonds, causing the benchmark yield, which moves inversely to price, to retreat from a two-month high. Treasuries extended gains Tuesday
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