Treasuries Drop as Dollar Jumps, U.S. Stocks Gain on Jobs
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Treasuries sank, sending the 10-year yield to the highest since August 2011, while the dollar rallied and gold tumbled as faster-than-forecast jobs growth fueled bets the Federal Reserve will begin to reduce its bond buying. U.S. stocks extended a weekly advance.
The rate on the 10-year U.S. note climbed 22 basis points to 2.72 percent as of 4 p.m. in New York and the Dollar Index, which tracks the currency against six major peers, rose 1.5 percent to 84.45 and touched a three-year high. Gold futures declined 3.1 percent to $1,212.70 an ounce. The Standard & Poor’s 500 Index rose 1 percent, extending its weekly gain to