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Market News

Treasury bond prices slumped Thursday on a whopping 16.2 percent increase in April sales of new homes, taking the yield on the 10-year note briefly to its highest level this year.

The Commerce Department reported sales of single-family homes increased for the first time in four months, to a seasonally adjusted annual rate of 981,000. March new-home sales decreased 1.4 percent to an annual rate to 844,000, a figure revised down from an earlier estimated 858,000. Sales fell 3.8 percent in February and 12.7 percent in January.