Treasuries showed a lack of direction over the course of the trading session on Friday before ending the day slightly higher.<\/p>\n
Bond prices spent much of the day lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by nearly a basis point to 1.631 percent.<\/p>\n
The slight uptick by treasuries came amid a pullback by stocks on Wall Street, which may have inspired some traders to move into the relative safety of bonds.<\/p>\n
Meanwhile, traders were also reacting another batch of upbeat U.S. economic, with a report from the Commerce Department showing personal income skyrocketed in March amid the distribution of another round of stimulus checks.<\/p>\n
The Commerce Department said personal income soared by 21.1 percent in March after plunging by a revised 7.0 percent in February.<\/p>\n
Economists had expected personal income to spike by 20.3 percent compared to the 7.1 percent slump originally reported for the previous month.<\/p>\n
The report also showed personal spending jumped by 4.2 percent in March following a 1.0 percent decrease in February. Personal spending was expected to surge up by 4.1 percent.<\/p>\n
A separate report from the University of Michigan showed consumer sentiment in the U.S. improved by more than initially estimated in the month of April.<\/p>\n
The report said the consumer sentiment index for April was upwardly revised to 88.3 from a preliminary reading of 86.5. Economists had expected the index to be upwardly revised to 87.5.<\/p>\n
The consumer sentiment index rose from 84.9 in March to reach its highest level since hitting 89.1 in March of 2020.<\/p>\n
Economic data may attract attention next week, with traders likely to keep a close eye on the monthly jobs report as well as reports on manufacturing and service sector activity, the U.S. trade deficit and construction spending. <\/p>\n