WASHINGTON (dpa-AFX) - After moving slightly higher over the course of the previous session, treasuries gave back some ground during trading on Tuesday.
Bond prices moved to the downside early in the day and remained firmly negative throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed by 5.2 basis points to 2.784 percent.
With the notable increase on the day, the ten-year yield rebounded after ending Monday's trading at its lowest closing level in two months.
The pullback by treasuries came as stocks moved back to the upside on the day following the sell-off seen in the previous session.
Stocks on Wall Street benefited from bargain hunting after the steep losses posted on Monday dragged the Nasdaq and the S&P 500 down to their lowest closing levels in almost two months.
Meanwhile, traders were also looking ahead to the release of the Labor Department's closely watched monthly employment report on Friday.
A batch of economic data may attract attention on Wednesday, with traders likely to keep an eye on reports on private sector employment, service sector activity, and factory orders.
Copyright RTT News/dpa-AFX