2017.02.2415:18:00UTC+00Treasuries Show Strong Move To The Upside

Treasuries moved notably higher over the course of the trading day on Friday, extending the upward trend seen in recent sessions.

After seeing initial strength, bond prices saw further upside as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 7.1 basis points to 2.317 percent.

With the notable decrease on the day, the ten-year yield extended a recent decline, sliding to its lowest closing level in almost three months.

The strength among treasuries came amid modest weakness on Wall Street, with traders doing some profit taking after the Dow closed higher for ten straight sessions.

On the U.S. economic front, the Commerce Department released a report showing that new home sales rebounded in the month of January.

The Commerce Department said new home sales climbed by 3.7 percent to an annual rate of 555,000 in January after slumping by 7.0 percent to a revised 535,000 in December.

However, economists had expected new home sales to jump by 7.5 percent to 576,000 from the 536,000 originally reported for the previous month.

A separate report from the University of Michigan showed that consumer sentiment pulled back by less than initially estimated in the month of February.

The report said the consumer sentiment index for February was upwardly revised to 96.3 from a preliminary reading of 95.7. Economists had expected the index to be upwardly revised to 96.0.

Despite the upward revision, the index was still below the final January reading of 98.5, which represented a thirteen-year high.

A slew of U.S. economic data is scheduled to be released next week, including reports on durable goods orders, personal income and spending, and manufacturing and service sector activity.

Traders are also likely to keep an eye on the Federal Reserve's Beige Book as well as speeches by a number of Fed officials.