U.S. stocks rise, S&P 500 hits record as weak jobs data cools rate hike bets

U.S. stocks rose Friday as weak employment data dampened expectations of further Federal Reserve rate hikes, with the S&P 500 closing at an all-time high. The Dow gained 0.28%, the Nasdaq 1.30%, and the S&P 500 0.62%. July nonfarm payrolls fell by 23,000, far below the expected 83,000 gain. Markets priced a 56% chance of a September rate pause. The S&P 500 rose 3.6% for the week, its best since April. Treasury yields slipped, with the two-year at 4.20% and the ten-year at 5.65%.