Midday Report: Banks Rally; U.S. Stocks Jump on Upbeat Jobs

U.S. stocks jumped after the latest reading on the U.S. labor market brought relief over the strength of the economy. The S&P 500 reversed all losses suffered in the Brexit selloff and the Dow returned to a level above 18,000. Banking stocks spiked as the jobs report reintroduced the possibility of a rate hike this year. Bank of America (BAC) - Get Report , Wells Fargo (WFC) - Get Report , Citigroup (C) - Get Report and JPMorgan (JPM) - Get Report each moved higher after the release. Juno Therapeutics (JUNO) slumped after the FDA put one of its cancer drugs on a mid-stage clinical hold after the death of two patients undergoing treatment. The biotech company has requested the trial continue without the use of the chemical suspected as a factor in the deaths. Humana (HUM) - Get Report was downgraded to NEUTRAL from OVERWEIGHT at JPMorgan. The firm sees a lower probability of a deal with Aetna (AET) given regulatory hurdles. TheStreet's Keris Lahiff reports from Wall Street.