Stocks are higher and bonds are getting crushed after the May employment report showed that the US economy added 280,000 jobs – a big beat – and the unemployment rate rose to 5.5%.

Near 10:32 a.m. ET, the Dow was up 14 points, the S&P 500 was up 2 points, and the Nasdaq was up 5 points. Stocks reversed a decline in early trading.

On Thursday, the Dow and the S&P 500 had their weakest day in four weeks, following a selloff in global bond markets.

Treasuries sold off sharply after the jobs report. The yield on the benchmark 10-year note jumped to a new year-to-date high above 2.4%.