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."The jobs report today being mildly negative was one of those situations where bad news is good news because it probably takes a little emphasis off the hawkish tones from the Fed for next month's meeting. Less likely they raise rates. And so, if that's the case, those areas of the economy that are most, kind of, cyclical and expansionary, things like industrials, consumer cyclicals, technology, those three sectors, for example, are up nicely I think on this news.”Stocks on the move Friday, included Elon Musk's SpaceX, which surged nearly 16% a day after the expiration of the first of several share lockup restrictions following its record-breaking June public offering.Shares of collaboration software maker Atlassian shot up more than 35% for their largest-ever daily percentage gain.:: Archivewhile Microchip Tech's stock jumped almost 14% for its best daily performance in more than 15 months. Both moves came after the companies forecast quarterly revenue above Wall Street estimates.And shares of Airbnb climbed more than 17% as the S&P 500's best performer after the vacation rental company beat second-quarter revenue estimates.On the flip side, Trade Desk was the S&P 500's worst performer, with shares plunging nearly 22% after the ad-tech firm forecast third-quarter revenue below expectations.