Stock Market Today: S&P 500 closes at record high as jobs data stoke Fed-cut bets

Investing.com-- The S&P 500 closed at record highs Friday on bets that Federal Reserve rate rate cuts may soon be on the horizon after the June monthly jobs report pointing to cooling in the labor market.last month, down from 218,000 in May, but the solid headline payrolls number was accompanied by"sizeable downward revisions," Macquarie said, as jobs gains for the May and April were revised lower.

This cooling in the jobs market through June also comes after a series of weaker-than-expected labor market readings this week.) led the rise in big tech as the social media company soared more than 4% to hit record highs earlier in the day, with Alphabet , down 2%, failed to partake in the broader market rally after New Street Research downgraded the stock to hold from buy, citing concerns about valuations.

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