US stocks rise, S&P 500 hits record as weak jobs data curbs rate hike bets

US stocks rose Friday, with the S&P 500 closing at a record high, after weak jobs data reduced expectations for a Federal Reserve interest-rate hike in September. Nonfarm payrolls fell by 23,000 in July, far below the 80,000 gain expected, and prior months were revised down. Unemployment dipped to 4.1%. Market odds of a September rate hike dropped to 44% from 67% a week earlier. Oil prices fell on possible Iran peace progress, easing inflation concerns. Strong earnings and easing AI spending worries boosted major indexes, posting their best weekly gain since mid-April.