S&P closes at record high as soft jobs report eases rate-hike concerns

STORY: U. S. stocks rallied on Friday, with the Dow gaining more than a quarter of a percent, the S&P 500 adding about six-tenths of a percent to notch a record high close, and the Nasdaq climbing 1. 3%. Data from the Labor Department showed the U. S.

economy unexpectedly shed jobs last month, boosting investor optimism that the Federal Reserve would hold off on raising interest rates at its September meeting. Eric Lynch is managing director and co-portfolio manager at Suncoast Equity Management.