There was a ring around the sun...I think it's called a halo...is that right?
It is called a halo (or a corona if it's close to the sun). It's the result of sunlight moving through the ice crystals which make up high clouds; those light rays bend and then separate into their component colors. The sun is high in the sky, so we see the complete halo or ring...not just a bow. Rainbows are commonly seen when the sun in lower on the horizon.