U.S. financial markets moved in tandem yesterday, rising and falling on similar sentiments, but they failed to gain much ground by the end of the thin trading session.

Not unexpectedly, U.S. Treasuries spun their wheels, failing to break free of recent trading ranges as the yield on the long bond hovered around 7.50%. Elsewhere, spreads on investment-grade corporate bonds were little changed from levels seen Friday. Bonds were well bid and action scarce as traders anticipated light dealings to continue throughout this final, vacation-filled week of August.

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