WASHINGTON (dpa-AFX) - Treasuries showed a strong move to the upside during trading on Friday, extending the notable advance seen in the previous session.
Bond prices jumped early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 6.0 basis points to 4.929 percent.
The ten-year yield added to the 5.6 basis points drop seen during Thursday's session, falling to its lowest level in well over a month.
Treasuries benefitted from their appeal as a safe haven amid the substantial weakness on Wall Street, with technology stocks leading the sell-off.
The tech-heavy Nasdaq has plunged by 3.5 percent to its lowest levels in three months amid renewed concerns about the artificial intelligence trade.
Intel (INTC) has helped lead the tech sector lower, with the semiconductor giant plummeting by 31 percent to a six-month intraday low.
The nosedive by Intel comes after the company reported better than expected third quarter earnings but provided disappointing fourth quarter guidance.
Meanwhile, bond traders seemed to shrug off the inflation worries raised by a renewed surge in the price of crude oil.
U.S. crude oil futures have jumped by more than 2 percent on the day amid concerns about supply disruptions due to the ongoing conflict in the Middle East.
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