The yield on the benchmark 10-year Treasury notes climbed on Thursday to around 2.3411 percent, after closing at 2.178 percent. The yield on the 30-year Treasury bond was also higher, at 3.0831 percent, after closing at 2.907 percent.
The 2-year Treasury yield also touched a new five-year high of 1.0022 percent.
On the data front, initial jobless claims came in pretty much in line with expectations. The ISM nonmanufacturing PMI came in below expectations at 55.9, while new orders for U.S. factory goods rebounded in October.
In oil markets, Brent crude traded at around $44.48 a barrel on Thursday, up 4.7 percent, while U.S. crude was at around $41.56 a barrel, up 4.1 percent. The Organization of Petroleum Exporting Countries (OPEC) is set to meet in Vienna on Friday.
— CNBC's Patti Domm contributed to this report