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Ten-year Treasury rate sinks to a new low

The Associated Press

A key Treasury yield is finishing the day at a new low as worries over Europe and a weak report on the U.S. economy send traders into the safety of U.S. government bonds.

At the end of regular trading Thursday, the yield on the 10-year note fell to 1.69 percent, the lowest on records dating back to 1953.

The Federal Reserve Bank of Philadelphia said manufacturing slowed in its region for the first time in eight months. The report helped send the 10-year yield down from 1.76 percent late Wednesday. The price rose 56.2 cents for every $100 invested.

The 10-year yield is used as a benchmark for mortgages and corporate loans.

The yield on the 30-year bond fell to 2.79 percent from 2.90 percent Wednesday. Its price jumped $2.15.