NEW YORK (AP) — Investors are coming back to the safety of U.S. government bonds and getting out of riskier investments like stocks after China reported that trade and domestic demand had weakened faster than expected.
It showed that the world's second-largest economy is in a worse slump than people had thought.
The price of the 10-year Treasury note increased 50 cents for every $100 invested, pushing its yield down to 1.65 percent from 1.70 percent late Thursday.
China's export growth plunged in July to just 1 percent from 11.3 percent the previous month, well below forecasts of about 5 percent, data showed Friday. Factory production, auto sales and retail sales all had anemic growth.
The 30-year bond's price gained $1.03, and its yield fell to 2.74 from 2.76 percent Wednesday.