MW: Treasurys gain as job losses exceed expectations
By Deborah Levine
NEW YORK (MarketWatch) -- Treasury prices rose Friday, sending two-year note yields to the lowest since March, after the Labor Department said more jobs were lost in October than forecast, indicating continued pain for the economy. Ten-year note yields fell 1 basis point to 3.68%. The economy lost 240,000 jobs last month, more than the 210,000 estimated by economists surveyed by MarketWatch. September losses were also revised higher. The unemployment rate rose to 6.5%, the highest in 14 years. Economists expected it to rise to 6.3% from 6.1%. Fear that the economy will deteriorate further and drag down profits increases the appeal of the security of government debt. President-elect Barack Obama is also scheduled to later give his first press conference since being elected.
