2020.02.2819:22:00UTC+00Treasuries Show Sharp Increase, Extending Recent Rally

Treasuries showed another substantial move to the upside during trading on Friday, extending the unrelenting advance seen over the past few sessions.

Bond prices moved higher early in the session and saw further upside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, plunged by 17.2 basis points to 1.127 percent.

With the steep drop on the day, the ten-year yield closed lower for the seventh straight session, ending the day at a new record closing low.

Escalating concerns about the coronavirus outbreak continued to increase the appeal of the relative safety of bonds as the disease continues to spread across the globe.

New Zealand and Nigeria are among the countries that have recently confirmed their first coronavirus cases, with the World Health Organization warning that the fast-spreading disease could soon reach most, "if not all" countries around the world.

WHO director-general Tedros Adhanom Ghebreyesus recently said the organization has raised its assessment of the risk of spread and the risk of impact of the coronavirus to "very high."

In addition to the confirmed cases in new countries, the number of cases in countries like China, South Korea and Iran countries to rise.

Reports raising questions about the U.S response to the outbreak added to worries even as President Donald Trump continues to downplay the threat posed to the U.S.

Meanwhile, traders continued to ignore the latest U.S. economic reports, as the data does not reflect the latest developments on the coronavirus front.

News regarding the outbreak is likely to remain in the spotlight next week, potentially even overshadowing the usually closely watched monthly jobs report.