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Bonds Rise Amid Sharp Downturn in Stocks
Associated Press
NEW YORK — Bond prices rose Monday as a sharp downturn by stocks sent money flowing into the Treasury market.

The price of the benchmark 30-year Treasury bond rose 7/8 point, or $8.75 per $1,000 in face value. Its yield, which moves in the opposite direction, fell to 5.51 percent from late Friday's 5.57 percent.

The gains came amid a sudden reversal in the stock market, where a powerful blue-chip rally unraveled, wiping out a 270-point gain by the Dow Jones Industrial Average that would have set a sixth-straight record high. The Nasdaq composite index slid 5.6 percent in the selloff.

In other bond trading, prices of short-term Treasury securities rose between 1/8 point and 11/32 point, while intermediate maturities rose 15/32 point to 9/16 point, reported Bridge Telerate, a financial information service.

Yields on three-month Treasury bills rose to 4.33 percent as the discount rose 0.01 percentage point compared with late Friday to 4.22 percent. Six-month yields fell to 4.51 percent, while the discount fell 0.02 percentage point to 4.35 percent. One-year yields fell to 4.63 percent as the discount fell 0.04 percentage point from late Friday to 4.42 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, fell to 4.63 percent from late Friday's 4.69 percent.

In the tax-exempt market, the Bond Buyer index of 40 actively traded municipal bonds held steady at 124 11/32. The average yield to maturity was unchanged from late Friday's 5.23 percent.

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