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Treasury yields climb on strong manufacturing data

Symbol
Yield
 
Change
%Change
US 3-MO
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US 1-YR
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US 2-YR
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US 5-YR
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US 10-YR
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US 30-YR
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Yields for U.S. Treasurys rose to the highest in over three weeks following strong economic data on Monday.

The ISM manufacturing index hit 59.0 in October, its fastest growth rate in three-and-a-half years. Yields on the benchmark 10-year Treasury note hit their highest level in over three weeks.

In late afternoon, prices for the benchmark fell 3/32 to yield 2.348 percent, higher than Friday's close of 2.335 percent.

Yields and prices are inversely related.

The S&P 500 also set a record intraday high soon after it opened, reducing the appeal of Treasurys. But S&P and the rest of Wall Street gave up those earlier gains, pulling yields from their session highs.

Markit's manufacturing PMI for October came in at a 3-month low at 55.9. U.S. auto sales for October were strong, but General Motors missed expectations.

The 30-year Treasury bond fell 1/32 in price to yield 3.069 percent in late afternoon.

Earlier, disappointing manufacturing data out of the euro zone helped push Treasury notes higher and U.S. stock index futures lower on the day.

Markit's final euro zone Purchasing Managers' Index (PMI) for October came in at 50.6, just below initial estimates of 50.7, indicating weaker than expected expansion in the sector.

In addition, China reported over the weekend that its official PMI fell to a five-month low and other data on Monday showed its services sector grew at the slowest pace in nine months.