Treasury Yields Jump

Bond prices were tumbling and yields were soaring Friday morning after the Labor Department's latest jobs report was stronger than some fixed-income traders were expecting.

The 10-year note was dropping 17/32 in price to 100 11/32, yielding 4.58%, and the 30-year bond was slumping a point to 100 16/32, yielding 4.72%. Yields and prices move in opposite directions.

On the shorter end, the two-year was down 6/32 to 100 6/32, yielding 4.65%, and the three-year was lower by 8/32 to 100 14/32, yielding 4.58%. The five-year lost 12/32 to 100 12/32 and was yielding 4.54%.

The dollar was mixed after the employment report, rising against the euro, the yen and the Swiss franc, but weakening vs. the pound, the Australian dollar and the Canadian dollar.

Earlier, the Labor Department said 97,000 workers joined nonfarm payrolls in February. The unemployment rate ticked down to 4.5% from 4.6%.

On average, economists surveyed by Bloomberg were calling for an addition of 95,000 jobs. The unemployment rate was expected to remain 4.6%.

Jobs numbers were revised higher for January and December.