Friday's early trade: strong jobs data, tech rally lift Wall Street

US stocks rose on Friday after the latest monthly jobs data indicated strength in the world's largest economy and cemented expectations of at least two more rate hikes by the Federal Reserve this year. Technology stocks led the rally, with gains in behemoths such as Apple, Microsoft and Alphabet lifting the S&P tech index to a record high.
Government data showed the US economy added 223,000 jobs in May, while the average hourly earnings rose 0.3 percent after edging up 0.1 percent in April both topping estimates.
Economists polled by Reuters had forecast an increase of 188,000 jobs and a 0.2 percent rise in wages.
The data showed a drop in the unemployment rate to an 18-year low of 3.8 percent, pointing to rapidly tightening labour market conditions.
"It's a good report all around. It literally checks off all the right boxes," said Tom Porcelli, chief US economist, RBC Capital Markets, New York.
"The Fed didn't need a report nearly this strong for them to have continued on course, a report like this is sort of icing on the cake."
Prospects of interest rate hikes lifted the S&P financial index 1.3 percent, with shares of big US banks gaining between 0.9 percent and 1.4 percent.
Markets got a reprieve overnight as Italy's anti-establishment parties revived coalition plans, removing the risk of a repeat vote dominated by debate over the country's future in the euro zone.
At 11:31 a.m. EDT the Dow Jones Industrial Average was up 184.93 points, or 0.76 percent, at 24,600.77, the S&P 500 was up 24.39 points, or 0.90 percent, at 2,729.66 and the Nasdaq Composite was up 94.54 points, or 1.27 percent, at 7,536.66.