Demand at the U.S. auction of $35 billion of five-year notes from a group that includes pension funds and insurers approached the highest level in almost a year amid speculation on the Federal Reserve’s agenda and turmoil in Ukraine.
U.S. stocks rose a fifth day, capping the longest rally for the Standard & Poor’s 500 Index since October, on signs earnings are improving. The ruble slipped after a deadly clash in Ukraine, as gold and wheat fell.
Treasuries fell, with benchmark 10- year yields rising for the first time in four weeks, as an accord aimed at ending the crisis in Ukraine and signs of a strengthening U.S. economy crimped refuge demand.
Treasuries fell as reports showed initial jobless claims were lower than forecast last week and a manufacturing index expanded, adding to speculation the Federal Reserve will raise interest rates at some point next year.
Standard & Poor’s will be allowed to see government documents relating to the U.S. Justice Department’s decision last year to sue the rating company and not its competitors for issuing allegedly fraudulent ratings.