Treasurys move higher on ongoing worries about European debt; 10-year yield at 3.58 pct

Treasurys continue gain on Greece debt concerns

CHARLOTTE, N.C. — Interest rates are falling in the bond market as investors continued to seek safety while Europe’s debt crisis deepened.

The benchmark 10-year note’s yield dipped to its lowest level since December on Wednesday.

Market participants have been worried that Greece could default on its debt and that the trouble there would spread to other weak European economies like Spain or Portugal.

Those concerns are overshadowing upbeat domestic economic reports in the U.S this week, helping to drive up Treasury prices and push down their yields.

The yield on the 10-year Treasury note fell to 3.58 percent in afternoon trading Wednesday, after sliding below 3.50 percent earlier in the day.