The yield on the benchmark U.S. government bond slipped on Friday after a big jump the day before.
The 10-year Treasury note, which is used as an indicator for the performance of all U.S. government bonds, inched down to a yield of 1.66 percent from 1.67 percent on Thursday. That previous day, it had jumped up from 1.60 percent.
The stock market soared on Thursday because the European Central Bank announced new rescue plans for Spain and other countries. The yield is the interest rate the government pays to persuade people to buy its bonds, so it goes up when the stock market rises because people are less inclined to buy bonds.
The bond market has mirrored the stock market. Thursday, when stocks jumped, so did Treasury yields. Friday, when the ECB euphoria had worn off and a government jobs report proved disappointing, stocks were mixed and moved much less dramatically. So did the government bonds. While the 10-year Treasury note's yield was slightly down, the yield on the 30-year bond was slightly higher, edging up to 2.82 percent from 2.80 percent. Behind the 10-year note, the 30-year bond is probably the most closely watched.
In other bond trading, the yield on the two-year note slipped to 0.26 percent from 0.27 percent. The yield on the three-month bill held steady at 0.10 percent.
The price of bonds moves inversely to their yields. The price of the 10-year note rose 15.6 cents for every $100 invested. The price of the 30-year fell 37.5 cents for every $100 invested.