S&P 500 closes at record 7,757 points despite job loss in the U.S.

WHAT HAPPENED

The U.S. lost 23,000 jobs in July, although 83,000 new jobs were expected. Still, the S&P 500 closed at a record 7,757 points, after rising 0.6% that day and 3.6% for the week.

WHY IT MATTERS

Investors believe that a weaker labor market reduces the pressure for the Fed to raise interest rates. This helps credit, mortgages, and corporate purchases; technology and semiconductors led the advance.

AND FOR YOUR PORTFOLIO

If your savings are in a fund or retirement plan linked to the U.S. stock market, that part is worth more than it was a week ago. But a record does not ensure that the market will continue to rise: it can also fall.