S&P 500 hits record, Dow gains as weak jobs report boosts Fed cut hopes

US stocks closed higher Friday, with the S&P 500 setting a record after a weak July jobs report cooled expectations of a September Federal Reserve rate increase. The S&P 500 rose 0.6% to 7,756.44, the Nasdaq climbed 1.3% to 26,690.62, and the Dow gained 0.3% to 54,036.43. Payrolls fell by 23,000 versus forecasts of about 80,000, lowering September hike odds to roughly 44%. Strong earnings also lifted stocks: Atlassian jumped 36%, Cloudflare and Airbnb rose on upbeat forecasts. All three main indexes posted their best week since April; oil prices slipped.