2020.01.2419:18:00UTC+00Treasuries Move Notably Higher Amid Coronavirus Concerns

Treasuries moved significantly higher over the course of the trading session on Friday, extending the upward trend seen over the past few sessions.

Bond prices showed a steady advance throughout the session before closing firmly in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.9 basis points to 1.681 percent.

With the notable decrease on the day, the ten-year yield ended the session at its lowest closing level in well over three months.

The upward move by treasuries came after the Centers for Disease Control and Prevention confirmed the second case of the Chinese coronavirus in the U.S.

The CDC said the patient, a woman in her 60s, recently returned from a trip to Wuhan, China, and is currently doing well and in stable condition.

The public health agency said another sixty-three patients in twenty-two states are being monitored for signs of infection.

The news led to a resurgence in concerns about the impact of the coronavirus outbreak after the World Health Organization helped tamp down worries on Thursday by saying it is too early to declare the situation a global health emergency.

Any news on the coronavirus front is likely to remain in focus next week, potentially overshadowing the Federal Reserve's monetary policy announcement. The Fed is widely expected to leave interest rates unchanged.

A slew of U.S. economic data is also scheduled to be released next week, including reports on new home sales, durable goods orders, consumer confidence, pending home sales, personal income and spending.

Bond traders may also keep an eye on the results of the Treasury Department's auctions of two-year, five-year and seven-year notes.