S&P 500 Hits Record on 'Very Little to Like' Jobs Report
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- S&P 500 rose to a record close Friday and posted its strongest weekly gain since April despite Wall Street's negative assessment of the jobs data
- The July jobs report surprised markets, showing the labor market shifting into reverse as employers balked at hiring, with the Fed expected to hike interest rates in response
Why it matters: A record S&P 500 close alongside a labor market in reverse creates a split-screen signal: equity investors shrugged off the hiring weakness the Fed was expected to address with rate hikes, leaving the rate path — not the jobs print — as the swing factor for the next leg.
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