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

S&P closed at a record high Friday after a soft jobs report eased concerns that the Federal Reserve would raise rates in September. Nonfarm payrolls fell 23,000, missing forecasts for an 80,000 gain; unemployment slipped to 4.1% as workers left the labor force. Market odds of a September Fed hike dropped to about 44%. A strong earnings season—85.1% of S&P 500 reporters beat expectations—and cooling oil prices on Iran peace hopes drove gains. Dow rose 0.28%; Nasdaq 1.30%.