Results From Bond Auction Not As Bad As Feared

The results from the bond auction today were not as bad as feared, although yields did continue to climb.

The yields on the $21 billion auction of 10 year U.S. Treasury came in at 3.34%

There was a 2.92 bid to cover on the auction, which is below the average of 3.1

Rick Santelli gave the auction a grade of B-, although he did say he was being generous.

Stocks are moderately higher after the auction, with the S&P and NASDAQ higher, while the Dow is hovering around the flat line.