Yields resumed their recent upward trend yesterday after seemingly minor economic data had a major negative impact, eradicating gains posted Monday.

Bonds opened lower after rising 1/4 to 3/8 point Monday on sharply lower prices for oil and other commodities. Just after the New York opening, the 30-year Treasury bond was quoted down 16/32 to yield 6.265%, while the December municipal contract fell 9/32 to 101.30, even though oil prices remained weak. Soon afterward, the government market dove after bigger than expected jumps in consumer confidence and the Chicago National Association of Purchasing Managers report.

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