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US bonds rise after OPEC announcement

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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U.S. sovereign bonds rose on Friday, with demand for "safe haven" assets boosted after OPEC's announcement that it would hold it oil production target.

Benchmark 10-year Treasury notes—whose yields are used to calculate mortgage rates and other consumer loans—rose 10/32 in price to yield 2.21 percent from 2.234 percent.

On Thursday, 12-member oil cartel OPEC announced it would hold its output target at 30 million barrels per day, triggering a sharp decline in oil prices. The decision surprised some market professionals, who had forecast that Saudi Arabia would push through a cut.

U.S. crude futures dropped to $67.75, their lowest level since May 2010 earlier. WTI was last down about 6 percent to $69.33 per barrel.

U.S. stock indexes opened mixed as oil-related shares tumbled and airline stocks rose. The Dow and Nasdaq were last up about 0.3 percent, while the S&P 500 flattened.

Bond markets are recommended to close at 2 p.m. ET as it is Black Friday in the U.S.. Stock exchanges will close at 1 p.m.

No major economic data is due from the U.S. on Friday.