Treasury yields fall as stock market sinks

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Associated Press

Posted on June 28, 2012 at 3:00 PM

Updated Thursday, Jun 28 at 3:01 PM

NEW YORK (AP) — Treasury prices are rising as investors pull money out of stocks and park it in low-risk assets like U.S. government debt.

The yield on the benchmark 10-year Treasury note fell to 1.57 percent in afternoon trading Thursday, down from 1.63 percent late Wednesday. Its price rose 47 cents for every $100 invested.

Stocks were falling sharply on Wall Street after the Supreme Court upheld most of President Barack Obama's health care overhaul law. JPMorgan plunged on a report that its trading loss could widen to $9 billion. The Dow Jones industrial average plunged 170 in afternoon trading.

Demand was slightly weak at an auction of seven-year Treasury notes. There were $2.64 in bids for every dollar of debt sold, versus an average of $2.87 over the last four auctions.

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