U.S. 10-year Treasury yields jumped back over the 1% level on Friday after President Donald Trump declared a national emergency over the spreading coronavirus, a move that sent stocks soaring.

The 10-year note yield, which was at 0.934% before the president's Rose Garden address, rose to 1.019%, up from 0.852% at Thursday's close. It came as the market wrestled with volatility and illiquidity even after the New York Federal Reserve made a massive amount of cash available to calm jitters.

Justin Hoogendoorn, head of fixed income strategy and analytics at Piper Sandler in Chicago, said there were "very little bids" in the market. "It really does scream volatility, scream that there's a lack of liquidity in the marketplace," he said.

The New York Fed said on Thursday it would make $1.5 trillion available in repurchase agreement (repo) loans and that it would start purchasing a broader range of U.S. Treasury securities than it has been of late, a shift that signals the Fed could deploy some of its crisis-era tools sooner than planned.

It saw relatively low takeup of the new loans, however. Banks borrowed $17 billion at a three-month repo operation on Friday, and $78.4 billion at a three-month operation on Thursday.

They also took only $24.1 billion in one-month loans on Friday. As for purchases, $37 billion was targeted for five maturities on Friday, according to the NY Fed. Robert Tipp, chief investment strategist and head of global bonds at PGIM Fixed Income in Newark, said the Fed moves were helping although the market was still thin and volatile.

Yields on 30-year bonds on Friday jumped to an overnight high of 1.87%, before dropping back down to 1.41% in the morning New York trading session, an unusually large move. In afternoon trading, the yield stood at 1.623% up from Thursday's close of 1.411%. Tipp said markets were banking on a sizable rate cut when the Fed meets at its regular monetary policy meeting next week.

"It's pretty fragile out there," he said. "The markets are not going to know for some time what's going to be the depth of these fundamental shocks on the economy." With global stock markets bouncing off their lows, Wall Street opened higher a day after its worst session since 1987.