WASHINGTON (dpa-AFX) - Treasuries moved notably higher over the course of the trading day on Thursday, extending the strong upward move seen in the previous session.
After seeing initial weakness, bond prices surged in morning trading and remained firmly positive for the rest of the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slumped 5.7 basis points to 4.837 percent.
The ten-year yield moved lower for the fifth time in the past six sessions, dropping to its lowest closing level in almost two months.
The strength that emerged in the bond market came amid a sell-off on Wall Street, with treasuries benefiting from their appeal as a safe haven.
Technology stocks have led the way lower amid lingering concerns about the sustainability of the artificial intelligence trade.
Following Democrats' takeover of both houses of Congress in Tuesday's midterm elections, some traders are worried about the possibility of tighter AI regulation.
In U.S. economic news, the Labor Department released a report on Thursday showing an unexpected decline in first-time claims for U.S. unemployment benefits in the week ended October 31st.
The Labor Department said initial jobless claims fell to 189,000, a decrease of 6,000 from the previous week's revised level of 195,000.
Economists had expected jobless claims to inch up to 196,000 from the 194,000 originally reported for the previous week.
With the unexpected dip, jobless claims matched the multi-decade low of 189,000 set in the week ended July 18th.
On Friday, the Labor Department is scheduled to release its more closely watched report on the employment situation in the month of October.
Economists currently expect employment to increase by 62,000 jobs in October after rising by 29,000 jobs in September, while the unemployment rate is expected to hold at 4.2 percent.
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