Treasuries Rebound Despite Upbeat Jobs Data

(RTTNews) - Treasuries moved to the upside during trading on Friday, regaining ground after coming under pressure over the course of the previous session.

Bond prices advanced early in the session and remained in positive territory throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell 2.8 basis points to 4.364 percent.

The rebound by treasuries came even though the Labor Department released a report showing much stronger than expected U.S. job growth in the month of April.

The Labor Department said non-farm payroll employment shot up by 115,000 jobs in April after surging by an upwardly revised 185,000 jobs in March.

Economists had expected employment to climb by 63,000 jobs compared to the jump of 178,000 jobs originally reported for the previous month.

The report showed notable job growth in the healthcare, transportation and warehousing, and retail sectors, while federal government employment continued to edge lower.

Meanwhile, the report said the unemployment rate came in at 4.3 percent in April, unchanged from March and in line with economist estimates.

Bond traders seemingly remain optimistic about a potential U.S.-Iran peace deal despite the exchange of fire between the two nations in the Strait of Hormuz.

Three U.S. destroyers came under fire from Iranian missiles and drones as they transited the strait, but U.S. Central Command said it eliminated the inbound threats and targeted the Iranian military facilities responsible for the attacks.

In a subsequent phone call with ABC News' Rachel Scott, President Donald Trump called the retaliatory strikes against the Iranian targets "just a love tap" and said the ceasefire remains in effect.

U.S. Central Command said U.S. forces also disabled two Iranian-flagged oil tankers attempting to pull into an Iranian port on the Gulf of Oman.

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