Treasuries moved lower on Wednesday, with the yield on the benchmark ten-year note rising to 4.220 percent. This followed a lackluster performance in the previous session, but prices did recover slightly after a morning slump. The lower close was attributed to below-average demand at the $42 billion auction of ten-year notes by the Treasury Department. The bid-to-cover ratio was 2.35, lower than the average of 2.58 from previous auctions. A rally on Wall Street, led by Apple’s announcement of a $100 billion investment in U.S. operations, also influenced the bond market. Trading on Thursday may be affected by reports on jobless claims and labor productivity.

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