Light observed in night sky followed by what appeared as military aircraft.

It’s been some time since this occurred, so I am guessing as to the exact date.  However, I remember the event quite clearly.
I was in high school and attending a band practice. It was a very clear night, and quite dark.  We were outside practicing our marching under the parking lot lights.   --- For what ever reason, a few friends and I noticed a small light in the sky.  The light was silent and did not blink or flash.  At first, the light seemed to be a slow moving, high altitude plane, flying in an easterly(?) direction, and quite unremarkable.  However, after approximately 30 seconds of observing the light, it appeared to change direction and start flying strait up.  This upward direction was not apparent at first, however as we watched this object, it appeared to become smaller and the light dimmer.  Finally after about 1 to 2 minutes we could no longer view the object.  This seemed quite odd, and many of us were speculating what we had just seen.    What happened next made it even more interesting.
A short time later, after the light disappeared, 5 planes flying in formation, appeared from the east(?). (Unsure of the exact direction.)  They did not appear to be flying as high as the light we had witnessed and we could hear their engines.  They appeared to be some type of military jet and were moving quite quickly.  These planes flew to the location where we had last seen the light. The planes then broke formation and seemed to be searching the area.  One plane appeared to fly strait up, the others spread out, a started flying in a wide circular pattern.   After a few moments, the planes regrouped and headed back the direction they came from.
That was the end of the event.  From the time we initially saw the light until the time the jets left the area was no more than 10 to 12 min.
Date is approximate.  PD