Strong Hiring Sends Stocks, Yields Up

Stocks and bond yields rose sharply Friday on Wall Street after the government reported a big increase in hiring last month, the AP reports. Investors were relieved to see that wage growth slowed. A jump in wages a month ago raised worries about inflation. Technology companies wiped out the last of their losses from a steep market plunge a month ago. Banks climbed in tandem with interest rates. Friday marks nine years since the beginning of the current bull market, the second-longest since World War II.

The S&P 500 rose 47 points, or 1.7%, to 2,786. The Dow Jones industrial average jumped 440 points, or 1.8%, to 25,335. The Nasdaq rose 132 points, or 1.8%, to 7,560, another record high. The yield on the 10-year Treasury rose to 2.9%.