Treasury Yields Soar After Strong U.S. Jobs Report

U.S. Treasurys tumbled Friday, pushing up yields, after a stronger-than-expected May jobs report reinforced expectations the Federal Reserve will deliver its first rate hike in nearly a decade later this year. The yield on the 10-year Treasury note rose more than 10 basis points, or 0.1 percentage point, to 2.409%. Yields rise as bond prices fall. "Bond markets are reacting with higher yields because they see a sign of improving economic growth. That is a normal cause for rates to rise," said David Kotok, chief investment officer at Cumberland Advisors, in a note.