Markets & Finance

Treasuries Surge on Jobs Report

Treasury futures surged Friday after a report showing June Nonfarm Payrolls rose only 112,000, while manufacturing jobs fell 11,000. The data were much weaker than expected and suggest inflation won't be a problem in the future -- and the Federal Reserve can maintain its "measured" policy. The benchmark 10-year note shed 11 basis points to yield 4.46%.

Massive short covering underpinned the lion's share of the buying, but retail also stepped in, lifting chunks of the front end. Profit taking by mid-morning capped further gains. Prices pared half the gains by the early close.

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