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Article: Tuesday's Market: Muni Prices Jump Into New Year; Treasuries Soar on Weak Data.
- Article from:
- The Bond Buyer
- Article date:
- January 3, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Municipals sprinted into the New Year yesterday, energized by renewed demand for a light supply of bonds amid more signs of a slower economy that sent Treasury yields down to two-year lows.
Government prices rose smartly in early trading with the short end leading as investors bought shorter maturities in anticipation of easing monetary policy. The market extended its gains with the long end playing catch up after the National Association of Purchasing Management's Index dropped to 43.7%, the lowest reading since April 1991, which subsequently pummeled stock prices.
In late trading, the Treasury 10-year note was quoted up 1 17/32 to yield 4.910% in late ...