Treasurys edge higher as stock market swoons

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Associated Press

Posted on May 11, 2012 at 4:01 PM

Updated Friday, May 11 at 4:02 PM

NEW YORK (AP) — Treasury prices are higher as investors seek shelter from another messy day in the stock market.

The yield on the benchmark 10-year Treasury note is 1.85 percent in late trading Friday, down from 1.89 percent late Thursday. Its price rose 19 cents for every $100 invested.

Stocks opened weaker, led down by bank shares, after JPMorgan surprised investors by reporting a rare miss: a $2 billion trading loss, which could get worse. The market was mixed for much of the day but ended mostly lower.

Investors are also still nervous because Greece has yet to put together a coalition government following inconclusive elections last weekend. Radical politicians there want to denounce the country's financial bailout agreement, which could force the country to leave the euro.

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