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TREASURIES-Bonds jump as Europe fears spur dash to safety 05/06 04:18 PM



* Growing anxiety over euro zone fuels safe-haven stampede
* 30Y bond surged more than 5 points during stock sell-off
* 10Y yield on track for biggest one-day drop in 9 months (Updates market action, adds comment, details)
By Richard Leong
NEW YORK, May 6 (Reuters) - U.S. Treasury prices soared on Thursday in a safe-haven stampede as investors dumped stocks and risky assets on deepening fear that Europe's debt problems could snowball into another global crisis.
The fierce scramble for Treasuries and other low-risk assets was only matched by a furious sell-off on Wall Street where stocks tumbled as much as 9 percent.
The late-day plunge in stocks may have been caused by a trading error at a major Wall Street bank, a number of market sources said. Separately, Nasdaq said it was working with other major markets to review market activity between 2 p.m. and 3 p.m. (1800 and 1900 GMT).
The stock market clawed back some of its losses but still ended the day with a 3 percent loss, while Treasuries clung to their gains with the benchmark 10-year note yield on track for its biggest single-day drop in about 13 months.
A stomach-churning day across all financial markets left analysts searching for answers.
"It's no longer a fundamental story. We can't talk about value," said David Ader, head of government bond strategy at CRT Capital Group in Stamford, Connecticut. "Levels are not important. Prices are not important."
Ten-year notes last traded up 1-7/32 at 102 after hitting a session high of 103. The 10-year yield was last 3.40 percent after trading down to 3.27 percent, a fresh five-month intraday low at the height of the rally.
The 10-year yield fell 15 basis points on the day, matching the single-day decline on July 8, 2009.
The 30-year bond ended up 3-9/32 to yield 4.20 percent, down 19 basis points from Wednesday, which is the biggest one-day yield drop in more than 13 months. It was briefly up more than 5 points during the rally and its yield touched 4.06 percent, the lowest since October 2009.
The scramble for long-dated Treasuries resulted in a severe contraction between short- and long-dated yields, implying traders fear the problem in Europe could be a drag on U.S. growth. The two-year and 10-year part of the yield curve flattened to 261 basis points, a level not seen since early December.
FEARS RULE
The European Central Bank's reticence to take aggressive steps -- like buying euro zone government bonds -- to address Greece's debt problem disappointed some traders and fueled the earlier selling in stocks and other risky assets.
Then, the stock market seemed to be in free-fall in afternoon trading despite the absence of news. "When the market runs on all this kind of emotion, you could throw everything out the window," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio.
The CBOE Volatility Index , which is referred to as Wall Street's fear gauge, jumped to its highest level since May 2009. Volatility measures on interest rates also spiked higher, analysts said.
Given this fragile environment, it is unclear whether investors will let go of their safe-haven positions even if the U.S. Labor Department were to report a sizzling rise in payrolls on Friday. Traders have brushed off mostly encouraging data on the U.S. economic recovery so far this week, analysts said.
"Payrolls will take a backseat. Greece and Europe are all that matter right now," Detrick said.
Economists polled by Reuters predicted non-farm payrolls likely grew 200,000 in April, following a 162,000 increase in March, while the jobless rate likely held steady at a historic high at 9.7 percent.
The department will release its April employment figures at 8:30 a.m. (1230 GMT) on Friday. (Additional reporting by Burton Frierson and Emily Flitter; Editing by Kenneth Barry)