Treasuries fell for a fifth day and the dollar gained after the U.S. unemployment rate unexpectedly dropped to the lowest level since April 2009. U.S. benchmark stock gauges returned to the highest levels in 2½ years.
Ten-year Treasury note yields rose 10 basis points to 3.64 percent, the highest since May, at 4 p.m. in New York. The dollar appreciated 0.4 percent to $1.3579 per euro. The Standard & Poor’s 500 Index, which has rallied 94 percent from a 12-year low in 2009, climbed 0.3 percent to 1,310.87, its highest close since June 2008. Canada’s currency rose to a 32-month high against the dollar as the nation added more jobs than forecast.
The U.S. jobless rate for January dropped to 9 percent, below the 9.5 percent forecast in a Bloomberg survey of economists, even as employment increased at one-fourth the projected rate after winter storms depressed hiring.
“We’re along the path to recovery,” said James Gaul, a money manager at Boston Advisors LLC in Boston, which manages $1.7 billion. “The picture overall looks better. However, chances are we might need another full year to see consistent gains in payrolls.” (more)
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