Treasury prices slip after government reports better-than-expected jump in new home sales

Treasury prices slip as new home sales climb

NEW YORK — Treasury prices slipped Monday, pushing yields higher, after government data showed a gain in new home sales.

The yield on the 10-year Treasury note rose to 3.01 percent Monday afternoon from 3 percent late Friday. That yield helps set interest rates on mortgages and other kinds of loans.

The price of the 10-year note slipped 3.13 cents to $104.156.

The Commerce Department said sales of new homes increased to an annual rate of 330,000 units in June, ahead of the estimates of economists polled by Thomson Reuters. The gain came after sales hit a record low in May.

Stock also rose after shipping giant FedEx Corp. raised its profit outlook. The Dow Jones industrial average was up more than 70 points in afternoon trading.