Markets Right Now: Strong hiring report sends stocks higher

NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):

9:35 a.m.

Stocks are opening solidly higher on Wall Street after the government reported an encouraging burst of hiring last month.

The gain of 287,000 jobs in June, which the Labor Department reported early Friday, was far more than economists were expecting.

The unemployment rate edged higher as more people started looking for work, another positive sign for the economy.

Gap jumped 5 per cent after reporting strong sales for June.

The Dow Jones industrial average rose 125 points, or 0.7 per cent, to 18,015.

The Standard & Poor’s 500 index gained 14 points, or 0.7 per cent, to 2,112. The Nasdaq composite rose 32 points, or 0.7 per cent, to 4,910.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 1.39 per cent.