Treasuries Plunge as Dollar Rallies While Stocks Slump
An employee repairs the hull of an Alaskan fishing vessel at the Pacific Fishermen Shipyard in Seattle, Washington, U.S.
Photographer: David Ryder/BloombergTreasuries plunged and the dollar rallied as better-than-forecast jobs growth bolstered the case for the Federal Reserve to raise interest rates. U.S. stocks fell after approaching all-time highs and oil capped the biggest two-week rally in 17 years.
The yield on two-year U.S. notes jumped 13 basis points at 4 p.m. in New York, the most since 2010. The Bloomberg Dollar Spot index rose 1 percent, the biggest gain this year. The Standard & Poor’s 500 Index fell 0.3 percent, erasing gains after climbing to within 1 percent of a record set in December. Oil climbed 2.4 percent in New York, extending this week’s rally to 7.2 percent. Gold futures dropped to a three-week low.