Treasurys fall on Greek deal, weak bond auction

NEW YORK (AP) -- Demand for Treasurys weakened after Greece moved closer to a deal that would prevent the country from defaulting on its debt.

The yield on the benchmark 10-year Treasury note rose to 2.04 percent from 1.99 percent late Wednesday. Its price fell 6.2 cents for every $100 invested.

Earlier Thursday, Greece announced an agreement to cut public spending which had been demanded by the country's lenders. Greece could face a default on its debt next month if it doesn't get more emergency loans.

An auction of $16 billion of 30-year Treasury bonds was met with weak demand. The bonds were sold at a yield of 3.24 percent. There were $2.47 worth of bids for every dollar sold, lower than the average of $2.77 in the last six auctions.