Yields rise as risk sentiment improves By Karen Brettell

• Wall Street's major indexes rose on Thursday, boosted by gains in healthcare and technology stocks, as investors bet on a swift recovery from a coronavirus-driven economic slump.
• "It's an extension of some of the risk-on tone that we've seen lately," said Zach Griffiths, an interest rate strategist at Wells Fargo in Charlotte, North Carolina.

NEW YORK: US Treasury yields rose on Thursday as stocks gained, reducing demand for safe haven bonds, and after the Treasury sold a record large amount of seven-year notes to slightly soft demand.

Wall Street's major indexes rose on Thursday, boosted by gains in healthcare and technology stocks, as investors bet on a swift recovery from a coronavirus-driven economic slump.

"It's an extension of some of the risk-on tone that we've seen lately," said Zach Griffiths, an interest rate strategist at Wells Fargo in Charlotte, North Carolina.

Benchmark 10-year notes rose three basis points to 0.703%.

The yields have traded in a range from 0.543% to 0.785% since the beginning of April.

The Treasury sold a record $38 billion in seven-year notes to slightly soft demand, its final sale of intermediate-dated debt this week.

A record $45 billion five-year note auction on Wednesday was also soft, while a record $44 billion in two-year notes on Tuesday saw solid interest.

The Treasury has been increasing the size of its debt auctions as it finances spending meant to blunt the economic impact of business shutdowns aimed at stemming the spread of the coronavirus.

Data on Thursday showed that the number of Americans seeking jobless benefits fell for an eighth straight week last week, likely as some people returned to work, but claims remained at astonishingly high levels, suggesting it could take the economy a while to rebound as businesses reopen.