WASHINGTON (dpa-AFX) - After trending higher over the past several sessions, treasuries gave back some ground during the trading day on Thursday.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.6 basis points to 2.405 point.
With the increase on the day, the ten-year yield rebounded after ending Wednesday's trading at its lowest closing level in well over a month.
The pullback by treasuries came following the release of a batch of upbeat economic data, including report from the Labor Department showing initial jobless claims dropped more than expected in the week ended May 11th.
The report said initial jobless claims slid to 212,000, a decrease of 16,000 from the previous week's unrevised level of 228,000. Economists had expected jobless claims to dip to 220,000.
A separate report from the Commerce Department showed a substantial increase in new residential construction in the month of April.
The Commerce Department said housing starts surged up by 5.7 percent to an annual rate of 1.235 million in April after climbing by 1.7 percent to a revised rate of 1.168 million in March.
Building permits, an indicator of future housing demand, also rose by 0.6 percent to a rate of 1.296 million in April after edging down by 0.2 percent to a revised rate of 1.288 million in March.
The Philadelphia Federal Reserve also released a report a significant acceleration in the pace of growth in regional manufacturing activity in May.
The upbeat news offset trade concerns after President Donald Trump signed an executive order declaring a national emergency with respect to the threats against information and communications technology and services.
Trading on Friday may be impacted by reaction to U.S. economic reports on consumer sentiment and leading economic indicators.
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