The iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX) and other volatility-linked exchange traded products tumbled Friday on strong employment data that buoyed sentiment on the economy. SPDR S&P 500 (NYSEArca: SPY) climbed 1% in early trade as its tracking index traded above an important psychological level.

The Labor Department said the U.S. economy created 165,000 jobs last month, more than expected. The unemployment rate fell to 7.5%, the lowest since December 2008.

“This shows the job market and the economy in general appear to be more resilient than investors had feared,” said Joe Manimbo, a market analyst at Western Union Business Solutions, in a Reuters report.

The employment report surprise rippled across global markets and ETFs. In stocks, the S&P 500 traded above 1,600 for the first time.

The iShares 20+ Year Treasury Bond Fund (NYSEArca: TLT) dropped 1.5% as U.S. government debt yields jumped, suggesting investors were moving away from safe havens. In currency markets, the yen weakened against the dollar with CurrencyShares Japanese Yen Trust (NYSEArca: FXY) off 1.2%.

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