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Yield on benchmark 10-year Treasury falls to 4 1/2-year low
Wednesday, January 23, 2008
NEW YORK (Thomson Financial) - The yield on the 10-year Treasury note plunged to the lowest level seen in more than 4 1/2 years, as a continued slide in equities attracted safe haven money and exacerbated fears of a U.S. recession.
The yield was last down 16.8 basis points at 3.316%, and has now shed 33.2 basis points since late Friday, and 126.3 basis points since the end of September.
The intraday low of 3.281% is the lowest yield seen since June 2003.
S&P 500 futures were down 35.40 points at 1,273.90 and Nasdaq 100 futures fell 63 points to 1,738.00. Dow industrials futures slid 224 points to 11,727.
The Dow had closed on Tuesday at 11,971.19, the lowest closing price since Oct. 17, 2006, in the face of the Federal Reserve's surprise, inter-meeting 75-basis point interest rate cut aimed at shoring up global financial markets.
