Treasuries moved to the downside over the course of the trading day on Tuesday, extending the downward trend seen over the past several sessions.
Bond prices drifted lower as the day progressed before moving roughly sideways going into the close. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 3.3 basis points to 2.220 percent.
With the increase on the day, the ten-year yield closed higher for the fourth time in the past five sessions, reaching its highest closing level in well over a month.
The weakness among treasuries came amid continued strength on Wall Street, with stocks extending the upward move seen in recent weeks.
The gains have lifted the major averages to their best intraday levels in at least three months. The Dow has also turned positive for the year.
Meanwhile, traders largely shrugged off a report from the Commerce Department showing that factory orders saw further downside in the month of September.
The Commerce Department said factory orders fell by 1.0 percent in September after tumbling by a revised 2.1 percent in August.
Economists had expected orders to drop by 0.9 percent compared to the 1.7 percent decrease originally reported for the previous month.
Trading on Wednesday may be impacted by reaction to reports on private sector employment, international trade and service sector activity.
Federal Reserve Chairman Janet Yellen is also scheduled to testify before the House Financial Services Committee on regulatory issues.
The material has been provided by InstaForex Company – www.instaforex.com