United States benchmark averages advanced on Friday (Saturday AEST), with the S&P 500 closing at a record high as the major indexes posted strong weekly gains after data showed the economy unexpectedly shed jobs last month, reducing expectations of a Federal Reserve rate hike in September.
The Dow Jones Industrial Average rose 151.8 points, or 0.3%, to 54,036.9, while the S&P 500 gained 47.7 points, or 0.6%, to 7,757.6. The Nasdaq Composite climbed 342.3 points, or 1.3%, to 26,690.6.
For the week, the Dow gained 3%, the S&P 500 advanced 3.6%, and the Nasdaq rose 5.2%.
The Labor Department reported that nonfarm payrolls fell by 23,000 last month, well below economists' expectations for an increase of 80,000 jobs.
Previously reported job gains for the prior two months were also revised sharply lower.
The unemployment rate fell to 4.1% from 4.2% in June, largely as workers left the labour force.
Market expectations for a Fed rate hike at its next meeting fell to 44.4%, according to the CME Group FedWatch Tool, down from 55% in the previous session and 67% a week earlier.
Progress towards a potential peace deal in the Iran war has helped lower oil prices, easing inflation concerns that could otherwise prompt the Fed to raise interest rates. Lower inflation expectations have also pushed Treasury yields lower.
A strong earnings season has further eased concerns over heavy spending by AI-related companies, supporting the major indexes' weekly gains.
Among individual movers, SpaceX surged 15.8% after the expiry of the first of several share lock-up restrictions following its record public offering in June.
Atlassian jumped 35.3% for its largest-ever daily percentage gain, while Microchip Technology rose 13.9%, its strongest performance in more than 15 months, after both companies forecast quarterly revenue above estimates.
Airbnb gained 17.4% to become the best performer on the S&P 500 after beating second-quarter revenue estimates.
On the bond markets, 10-year and 2-year Treasury yields fell 0.6% and 1.1%, respectively, to 4.649% and 4.199%.
