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The yield on the benchmark 10-year U.S. Treasury note hit its highest levels since May 2011 after private payrolls data came in stronger than forecast.

EMini futures for the S&P 500 also lost 0.4 percent in Asian trade, while European bourses were seen starting mixed.

For the week, the S&P fell 0.98 per cent, the Dow slipped 0.04 per cent and the Nasdaq dropped 3.2 per cent.

The S&P 500 index lost 16.04 points, or 0.6 percent, to 2,885.57. The dollar index.DXY fell as low as 95.516, from around 95.770 before the data, before rising back to 95.678.

The 30-year Treasury bond reached a four-year high of 3.424 percent, up 7 basis points from late Thursday. While that was its biggest loss since late June, it could have been worse: stocks were down nearly twice that much before a late rally.

The federal government said Friday that employers added more jobs in July and August than it previously thought, which made up for weaker totals in September. The September total was probably reduced by the damage Hurricane Florence did to the Carolinas.

However, the unemployment rate fell to 3.7% last month from 3.9%, an unusually large drop and the lowest reading since December 1969.

Friday's data suggest the economy should keep growing at a strong clip, which means corporate profits should continue to grow.

Financials were also aided by signs Italy would cut its budget deficit and lower its debt, easing concerns that had pressured global stock markets.

The central bank has long stated that it's closely watching inflation and the pace of United States growth, and new signals of economic strength are commonly seen as emboldening them as they tighten monetary conditions.

"Rapidly rising Treasury yields are rocking equity markets around the globe, with high price-to-earnings tech stocks leading the decline", said Yasuo Sakuma, chief investment officer at Libra Investments. Bond yields and prices move in opposite directions.

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Euro zone bond yields rose sharply, tracking their USA counterparts, while the "trans-Atlantic spread" between United States and German 10-year bond yields hit a three-decade high of around 275 bps.

Investors expect continued economic growth and higher interest rates over time.

Analysts said the sudden surge in interest rates had deepened worries about higher inflation and an uptick in costs for loans and mortgages.

European government bond yields followed their USA counterparts higher on Thursday.

J.C. Penney jumped 4.2 percent after naming a new CEO.

Technology and internet companies and smaller, more US -focused companies continued to suffer steep losses.

The euro edged down 0.05 percent to $1.1507 after brushing a six-week low of $1.1463 during the previous day's session.

Similarly, the yield on the two-year Treasury note was last 2.882%, up from 2.860% Wednesday, when it hit its highest point in more than a decade.

Generic drugmaker Mylan dipped 1.9 percent after Mizuho downgraded the stock to "neutral" from "buy".

"Certainly these higher yields are giving a better bid to the USA dollar across the board", said Dean Popplewell, chief currency strategist at Oanda in Toronto. The euro rose to $1.1525 from $1.1515.


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