Markets Right Now: Stocks climb following strong jobs report

NEW YORK – The latest on developments in financial markets (all times local):

4 p.m.

The stock market clawed back most of the ground it lost earlier this week following a surprisingly robust jobs report for last month.

Technology companies led the way higher Friday, as they have all year. Alphabet, Google’s parent company, climbed 3.2 per cent and Apple increased 1.8 per cent.

Bond yields and the dollar also rose after the government report showed that the job market continued to strengthen in May.

The S&P 500 rose 28 points, or 1.1 per cent, to 2,734, erasing its losses from earlier in the week.

The Dow Jones industrial average rose 219 points, or 0.9 per cent, to 24,635. The Nasdaq composite climbed 112 points, or 1.5 per cent, to 7,554.

Bond prices fell. The yield on the 10-year Treasury rose to 2.90 per cent.

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11:45 a.m.

Stocks and bond yields are higher in midday trading following an encouraging job report.

The benchmark S&P 500 index was on pace to erase its losses from earlier in the week after the Labor Department reported that the unemployment rate fell to an 18-year low of 3.8 per cent in May.

Technology companies and banks led the way higher. Google’s parent company, Alphabet, climbed 3.2 per cent and Bank of America rose 1.4 per cent.

The S&P 500 rose 26 points, or 1 per cent, to 2,731.

The Dow Jones industrial average rose 207 points, or 0.8 per cent, to 24,624. The Nasdaq composite climbed 103 points, or 1.4 per cent, to 7,545.

Bond prices fell. The yield on the 10-year Treasury rose to 2.89 per cent.

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9:35 a.m.

Stocks are opening solidly higher on Wall Street after the government reported another strong month of hiring.

Banks and technology companies led the pack in early trading Friday after the Labor Department reported that the unemployment rate fell to an 18-year low of 3.8 per cent in May.

Bank of America rose 1.8 per cent and Google’s parent company, Alphabet, climbed 1.7 per cent.

Several retailers were falling after releasing disappointing results or forecasts. Big Lots slumped 11 per cent and GameStop fell 1.9 per cent.

The S&P 500 index rose 19 points, or 0.7 per cent, to 2,724.

The Dow Jones industrial average rose 197 points, or 0.8 per cent, to 24,610. The Nasdaq composite climbed 59 points, or 0.8 per cent, to 7,501.

Bond prices fell. The yield on the 10-year Treasury rose to 2.91 per cent.