Markets Right Now: Strong jobs report sends stocks higher

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

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 percent in May.

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

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

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

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

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