The U.S. sold $29 billion of two- year notes at close to the highest yield in three years, less than a week after Federal Reserve Chair Janet Yellen said interest-rate increases may come sooner than forecast.
The Treasury market yield curve steepened after Federal Reserve Chair Janet Yellen said a “high degree” of accommodation remains warranted.
Three congressional committees are holding hearings this week on whether the U.S. should sell more of its growing oil and gas resources overseas
Bonds remained higher as the government sold $29 billion in seven-year notes to the highest demand in more than a year.
Bank of America Corp., the second-biggest U.S. lender, posted quarterly profit that more than quadrupled and beat Wall Street estimates as the company quelled claims tied to defective mortgages. The stock rose 3.6% to its highest level in more than three years.
U.S. stocks fluctuated, after the Standard & Poor’s 500 Index reached an all-time high last week and headed toward its biggest annual gain since 1997.
The Standard & Poor’s 500 Index rose as data showing higher home prices boosted shares of builders. European stocks fell for the first time in three days, while the euro gained against most of its peers and the yen snapped a three-day decline versus the dollar.
Treasuries fell and rates surged on bills maturing on the Oct. 17 deadline projected for when the U.S. reaches its borrowing capacity as investors avoided the securities with the risk of default rising.
Jacob Smith, a 25-year-old Florida firefighter, wasn’t paying much attention to the U.S. government shutdown until it threw his move to a new three-bedroom home near Daytona Beach into limbo.
Citigroup Inc., the third-biggest U.S. bank by assets, posted a 42% increase in second-quarter profit that beat analysts’ estimates as stock-trading revenue surged and losses on unwanted assets declined.