NEW YORK — Bond prices fell Friday after the stock market bounced back somewhat from a turbulent trading day.
The price of the benchmark 10-year Treasury note fell 9/32 point, or $2.81 per $1,000 in face value. Its yield, which moves in the opposite direction, rose to 5.50 percent compared with 5.47 percent late Thursday.
The 30-year Treasury bond fell 13/32 point to yield 5.63 percent, up from 5.61 percent a day earlier, according to Bridge Telerate news service.
A comparatively mild day on Wall Street ended three straight sessions of bond gains as investors fled for a safe haven.
Investors often rotate money out of stocks and into the relative safety of government backed U.S. Treasury notes when the stock markets hit turbulent periods, and the past few days have reflected that inclination.
Stocks closed mixed Friday, with the NASDAQ composite index up 47.36 at 2,645.29. The Dow Jones industrials rose more than 100 points in early trading but then trickled downward before finally finishing off 40.95 at 10,373.54.
In other trading, short-term Treasury securities were unchanged to down 1/16 point, while intermediate maturities fell between 1/16 to 7/32 point.
Yields on three-month Treasury bills were 6.20 percent as the discount remained at 6.03 percent. Six-month yields were 6.15 percent, as the discount fell 0.02 percentage point to 5.88 percent. One-year yields were 5.90 percent as the discount fell by 0.03 percentage point from late Thursday to 5.58 percent.
Yields are the interest bonds pay by maturity, while the discount is the interest at which they are sold.
The federal funds rate, the interest on overnight loans between banks, rose to 6.75 percent from 6.63 percent late Thursday.
In the tax-exempt market, the Bond Buyer index of 40 actively traded municipal bonds fell 1/32 point to 100 4/32. The average yield to maturity was unchanged at 5.72 percent.