Market Seeks High Yields, 30-Year Treasury Auction Disappoints Again

Treasuries fell, but U.S. stocks held up.

Analysts noted that yesterday's dismal 10-year Treasury auction led to a surge in Treasury yields and a sharp drop in U.S. stocks. The last thing the market wanted to see was another poor 30-year Treasury auction, but that's exactly what happened. Treasuries predictably fell, but unlike yesterday, U.S. stocks managed to hold their gains after the poor 30-year Treasury auction, and gains even expanded afterward.