NEW YORK (AP) — Bond prices fell Friday as investors, buoyed by a mild resurgence on Wall Street, shifted their money into stocks.
Buyers were enticed by bargain prices and optimistic about President Bush's proposed tax cut.
Comments by Federal Reserve Chairman Alan Greenspan, who told Congress he favors income tax cuts to reduce federal budget surpluses, helped boost some stocks, primarily blue chips.
The price of the benchmark 10-year Treasury note rose 1/2 point, or $5 per $1,000 in face value. Its yield, which moves in the opposite direction, rose to 4.94 percent compared with 4.89 percent late Thursday.
The 30-year Treasury bond rose 1 1/16 point, to yield 5.37 percent, up from 5.30 percent from Thursday, according to Bridge Telerate news service.