The market rebound was also supported by the release of the results of the Treasury Department’s auction of $22 billion worth of thirty-year bonds, which revealed the sale attracted average demand. The thirty-year bond auction drew a high yield of 4.671 percent and a bid-to-cover ratio of 2.37, while the ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.39. The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
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