Treasury Bonds Give up Earlier Gains
MARKETSCOPE : Treasury bonds were losing their earlier gains on Friday.
The 10-year note was yielding 4.66%, up from 4.62% earlier Friday. The yields, which move inversely to prices, had initially dropped from 4.669% in early trading.
Nonfarm Payrolls rose 56,000 in October after falling 8,000 in September; market players had anticipated a gain of 120,000 instead. The Bureau of Labor Statistics noted that the weak jobs growth reflected "below-trend growth in areas not hit by Katrina."
News also hit that hourly earnings rose 8 cents or 0.5%. The unemployment rate fell to 5.0% from 5.1%. Manufacturing employment rose 12,000, with construction up 33,000.