U.S. stocks rally to record high as July payrolls fall

U.S. stocks rallied on August 7 after July payrolls unexpectedly fell, boosting expectations for lower interest rates and lifting the S&P 500 to a record high. The S&P 500 rose 0.62% to 7,758; Nasdaq gained 1.30% to 26,691; Dow added 0.28%. Nonfarm payrolls fell 23,000, unemployment held at 4.1%. Atlassian and Twilio surged on strong results. Gold rose 2.31%, while Bank of America's bull-bear indicator hit a 2021 high, prompting advice to shift to defensive investments.