By Deborah Levine, MarketWatch
NEW YORK (MarketWatch) -- Treasury prices turned up Thursday, pushing yields lower, after a report showed the number of Americans applying for initial unemployment benefits climbed more than analysts expected.
Yields on 10-year notes (UST10Y 2.92, -0.04, -1.35%) , which move inversely to prices, fell 3 basis points to 2.92%. A basis point is 0.01%.
Yields on 2-year notes (UST2YR 0.55, -0.02, -2.81%) declined 2 basis point to 0.55%, heading back towards a record low.
Jobless claims rose by 19,000 to 479,000 in the latest week, the Labor Department said. That's the highest level since April. Economists surveyed by MarketWatch had expected claims to drop to 453,000. Read about jobless claims.
The Treasury market "is now trading better on the day -- the negative implications for the labor market being the primary driver," said strategists at CRT Capital Group. "From here, there data calendar is empty and we expect the looming employment report will limit conviction and price action."
