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US Treasurys jump after Syria attack and weaker-than-expected jobs report

Bond traders at CME Group
Getty Images

U.S. government debt prices initially rose on Friday as investors digested the decision of President Donald Trump to launch strikes against a Syrian airfield and a soft jobs report.

Later in the trading day, bond prices dropped after New York Federal Reserve President William Dudley said the U.S. should consider limited adjustments to multiple financial reforms put in place following the financial crisis.

The U.S. economy added 98,000 jobs last month, well below the expected gain of 180,000. The unemployment rate fell to 4.5 percent. Elsewhere, wholesale trade data showed inventories rose 0.4 percent, more than expected.

The yield on the benchmark 10-year Treasury note was higher at around 2.368 percent after hitting its lowest level since late November. The yield on the 30-year Treasury bond also was higher at 2.994 percent. Yields move inversely to prices.

On Thursday night, two U.S. destroyers based in the Eastern Mediterranean fired 59 Tomahawk cruise missiles, which the U.S. said was in retaliation to Bashar al-Assad's alleged use of chemical weapons against his own people, a charge denied by authorities in Damascus.

The Syrian army said the attack killed 6 people and caused extensive damage, while Moscow called the strike "thoughtless" and requested an emergency meeting of the U.N. Security Council.

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In oil markets, Brent crude traded at around $55.29 a barrel on Friday, up 0.73 percent, while U.S. crude was around $52.23 a barrel, up 1.03 percent.