Bond prices crept higher Thursday - markets were closed Friday for the Good Friday holiday - in light trading that largely ignored the latest economic reports.

The Treasury's bellwether 30-year bond was up 1/8 point, or $1.25 per $1,000 in face amount, at closing. Its yield, which falls when bond prices rise, was 8.24 percent, down from 8.25 percent late Wednesday.Traders were cautious because Thursday marked the conclusion of the first quarter for most U.S. companies and Friday is the end of the Japanese fiscal year. Portfolio managers generally limit trading during these times in order to finalize their quarterly investment activities and report to shareholders.

Market failed to rally on a government report that initial claims for state unemployment insurance fell by 9,000 for the week ended March 9 to 510,000.