US Treasurys fall; 10-year yield briefly tops 1.9%

US 10-YR
US 30-YR

U.S. government debt prices fell on Friday morning as investors digested a better-than-expected U.S. jobs report.

The yield (which has an inverse relationship to the price) on the benchmark 10-year Treasury note touched as high as 1.902 percent, its highest level since Feb. 4. It then lost some ground and last traded at 1.891 percent.

The yield on the 30-year Treasury bond, meanwhile, ticked as high as 2.731 percent, its highest in a month. It last traded at 2.714 percent.

The U.S. economy added 242,000 jobs in February, above the 190,000 expected by Reuters.

Despite the strong headline number, the closely watched average hourly wages actually declined for the month, falling 3 cents and equating to a 2.2 percent annualized jump, down from 2.5 percent in January.

Fed policymakers are looking at wages for evidence of inflation. The average hourly work week also declined 0.2 hours to 34.4.

In other U.S. economic news, the Commerce Department said the trade gap grew by 2.2 percent to $45.7 billion.

Major U.S. stock averages rose about 0.5 percent Thursday, while oil prices also rose. U.S. crude posted a 9.5 percent weekly gain.

—CNBC's Patti Domm, Everett Rosenfeld and Jeff Cox contributed to this article.