Bond market returns to normalcy, traders ignore stock gains

• The Fed's QE program and investor pessimism kept Treasury prices rising and yields falling despite hearty gains for U.S., European and Asian stocks.

Major key: Treasuries have seen a significant decline in the bid-ask spread on prices for notes and bonds since the Fed took action.

• "The bid-ask spread on benchmark U.S. 10-year Treasury notes had widened as much as 200 basis points on March 20, but narrowed to within a range of six basis points or less on Wednesday, according to Refinitiv data," Reuters' Gertrude Chavez-Dreyfuss and Ross Kerber noted.