Wall Street looks past US deficit concerns for now as investors snap up bonds | CNN Business

New York

—

Wall Street breathed a sigh of relief Thursday after a key bond auction eased concerns that the US economy might be falling out of favor with investors.

Bonds rallied after an auction for 30-year US government bonds saw relatively strong demand. The Treasury on Thursday sold $22 billion worth of 30-year bonds. The auction settled with a yield of about 4.84%, signaling solid buying.

Standard, boring bond auctions have drawn the attention of investors around the globe. The auctions serve as a gauge of investors’ appetite for US debt. All eyes have been on whether there is weak demand, particularly from foreign investors.