There were plenty of bidders, but the government had to pay higher yields than the market anticipated.
The 10-year Treasury note's yield jumped as high as 4.01 percent, the highest level since October. The rate is tied to interest rates on mortgages and other loans.
According to preliminary calculations, the Dow Jones industrial average is down 24 at 8,739. The Standard & Poor's 500 index is down 3 at 939. The Nasdaq is down 7 at 1,853.
Seven stocks fell for every six that rose on the New York Stock Exchange, where volume came to a light 1.2 billion shares.
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