Stock indexes snap higher in early trading after US reports a pickup in hiring last month

NEW YORK, N.Y. – Stocks are rising sharply in midday trading after the U.S. government reported an encouraging pickup in hiring last month.

The gain of 223,000 jobs in April suggested that the economy may be regaining its footing after a slow start to the year.

The Dow Jones industrial average climbed 276 points, or 1.6 per cent, to 18,202 as of 11:45 a.m. Eastern time Friday.

The Standard & Poor’s 500 index gained 29 points, or 1.4 per cent, to 2,117. The Nasdaq composite rose 66 points, or 1.4 per cent, to 5,012.

All 10 sectors in the S&P 500 index rose, led by materials companies.

Monster Beverage sank 9 per cent after reporting results that fell short of analysts’ forecasts.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.11 per cent.