US Stocks-S&P closes at record high as soft jobs report eases rate-hike concerns

Advancing issues outnumbered decliners by a 2.49-to-1 ratio on the New York Stock Exchange and by a 2.07-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and one new low while the Nasdaq Composite recorded 123 new highs and 77 new lows. Volume on U.S. exchanges was 16.94 billion shares, compared with the 17.56 billion average for the full session over the last 20 trading days. The Dow Jones Industrial Average .DJI rose 151.83 points, or 0.28%, to 54,036.93, the S&P 500 .SPX gained 47.68 points, or 0.62%, to 7,757.64 and the Nasdaq Composite .IXIC gained 342.26 points, or 1.30%, to 26,690.62. For the week, the S&P 500 gained 3.58%, the Nasdaq rose 5.19%, and the Dow climbed 2.96%. U.S. stocks advanced on Friday, with the S&P closing at a record high to cap off a strong week of gains for the major indexes, after data showed the U.S. economy unexpectedly shed jobs last month and dampened expectations the Federal Reserve would raise interest rates at its September meeting. The Labor Department said nonfarm payrolls decreased by 23,000 jobs last month, well below the estimate of economists polled by Reuters that called for an increase of 80,000 jobs. Previously reported job gains for the prior two months were also revised sharply lower, while the unemployment rate fell to 4.1% last month from 4.2% in June due to workers leaving the labor force. Market expectations for a rate hike from the Fed at its next meeting dropped to about 44%, according to CME FedWatch, down from 55% in the prior session and 67% a week ago. Signs of progress for a potential peace deal in the Iran war have helped cool oil prices and, in turn, have eased inflation worries that could prompt a Fed rate hike and pushed Treasury yields lower. A strong earnings season has also tempered concerns about the massive spending by AI-related companies, sending each of the three major indexes to their biggest weekly percentage gains since mid-April. Elon Musk's SpaceX SPCX.O surged 15.8% a day after the expiry of the first of several share lockup restrictions following its record public offering in June. Collaboration software maker Atlassian TEAM.O shot up 35.3% for its largest-ever daily percentage gain, while chip company Microchip Tech MCHP.O jumped 13.9%, its best daily performance in more than 15 months, after both forecast quarterly revenue above estimates. Among other movers, vacation rental company Airbnb ABNB.O rose 17.4% as the best performer on the S&P 500 after beating second-quarter revenue estimates. In contrast, Trade Desk TTD.O plummeted 21.9% as the worst performer on the benchmark index after the ad-tech firm forecast third-quarter revenue below expectations.

US Stocks-S&P closes at record high as soft jobs report eases rate-hike concerns

Breadth and volume

Indexes post broad weekly gains

Stocks rise as weak jobs data cools rate-hike fears

Atlassian, Microchip, Airbnb and Trade Desk move sharply

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