Violence in Libya stifled demand for U.S. 10-year bonds Wednesday, pushing prices down 22 cents per $100 invested.
The yield on the 10-year Treasury, which moves in the opposite direction of price, rose to 3.49% Wednesday from 3.46% Tuesday after falling from 3.62% a week ago.
The declining bond prices come amid widespread violence between military forces and anti-government protesters in the Libyan capital, Tripoli. Nearly 300 people have been killed in the uprising so far, according to the New York-based Human Rights Watch.
The tensions in Libya caused investors to shy away from stocks, as well as the Treasurys, while oil prices briefly exceeded $100 a barrel on the news.
Meanwhile, the Dow Jones Industrial Average (INDU) lost 107 points, or 0.9%, to close at 12,106 Wednesday. The blue-chip index was had declined as m 149 points in midday trading before paring its loss.
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