WASHINGTON (dpa-AFX) - After moving notably lower over the past three sessions, treasuries showed a moderate move back to the upside during trading on Thursday.
Bond prices gave back ground after an early advance but remained in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 2.0 basis points to 4.461 percent.
With the decrease on the day, the ten-year yield pulled back off its highest closing level in ten months.
The rebound by treasuries may partly have reflected bargain hunting following the recent weakness, which came amid the surge in crude oil prices early in the week and concerns about inflation.
Treasuries may also have benefited from a report released by the Labor Department showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 9th.
The report said initial jobless claims climbed to 211,000, an increase of 12,000 from the previous week's revised level of 199,000. Economists had expected jobless claims to rise to 205,000.
Meanwhile, a separate report released by the Commerce Department showed retail sales in the U.S. increased in line with economist estimates in the month of April.
The Commerce Department said retail sales climbed by 0.5 percent in April after jumping by a downwardly revised 1.6 percent in March. Economists had expected retail sales to grow by 0.5 percent.
Excluding sales by motor vehicle and parts dealers, retail sales increased by 0.7 percent in April after surging by 1.9 percent in March. Ex-auto sales were expected to increase by 0.6 percent.
Traders seemed to shrug off another Labor Department report showing a substantial increase in U.S. import prices in the month of April.
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