Sellers gave the market no respite yesterday, traders said, as prices continued to cheapen.
The market adjusted lower for the eighth consecutive day because of what appear to be concrete improvements in the economy, traders said. Most recently, a big 20.8% jump in home sales on Tuesday pummeled prices the hardest. Although there were no significant economic reports released yesterday, the downward pressure on prices continued unabated, traders said. Sellers tossed bonds up for sale right at the opening yesterday. Traders termed the flow moderate, although one firm estimated that bid-wanteds totaled just over $400 million on Tuesday, compared to $200 million on an average day.