Treasuries Move Modestly Lower Amid Strength On Wall Street

(RTTNews) - After seeing considerable volatility over the past few weeks, treasuries saw modest weakness during trading on Monday.

Bond prices moved to the downside in early trading and remained stuck in the red throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 1.8 basis points to 1.766 percent.

The weakness among treasuries came as stocks around the world saw considerable strength amid an increase by the price of crude oil.

Crude oil for March delivery surged up $1.84 to $31.58 a barrel after ending last week up $0.20 or 0.7 percent at $29.64 a barrel. The more actively traded April futures jumped $1.64 to $33.39 a barrel.

The price of crude oil has seen considerable volatility over the past few weeks amid speculation about the outlook for global production.

Overall trading activity remained somewhat subdued, however, as some traders stayed on the sidelines amid a lack of major U.S. economic data on the day.

The economic calendar will pick up in the comings days, with traders likely to keep an eye on reports on new and existing home sales, consumer confidence, and durable goods orders.

Trading on Tuesday may be impacted by reaction to reports on home prices, existing home sales, and consumer confidence as well as the results of the Treasury Department's auction of two-year notes.