Treasury Auction Gives Stocks Pause

Stocks pared their earlier gains Tuesday afternoon as a strong auction of two-year Treasury notes showed there is still a healthy appetite for safer investments.

After pushing up more than 50 points in the morning, the Dow Jones Industrial Average was recently up just 10 points at 9885.

Pushing the index lower, long-term Treasury futures reached their highest prices of the day recently following the auction of a record $44 billion in two-year notes, which saw a bid-to-cover ratio of 3.63, much stronger than the average of 2.92 from the last six two-year auctions. Foreign participation in the auction was solid as well, in turn boosting the dollar.

Read Full Article from Wall Street Journal

- Posted: 2009-10-27 12:49:58

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