The S&P 500 hit a new high, closing at 5,567.19, fueled by optimism for Federal Reserve rate cuts following a strong jobs report. The Nasdaq Composite also surged to a record high of 18,352.76. The Dow Jones Industrial Average ended at 39,375.87, up 0.17%. The S&P 500 has seen a 16.7% rally this year, posting its 34th record close. The Nasdaq's year-to-date gain is 22.3%. Bond markets celebrated the report of a 206,000 increase in nonfarm payrolls in June, with an uptick in the unemployment rate to 4.1%. Treasury yields fell as investors bet on a Fed rate cut later this year, with odds of a quarter-point cut rising to 77%. Tech stocks like Tesla and Apple soared, while Nvidia slid after a Wall Street downgrade. Overall, the markets closed the week in the green, with the Nasdaq advancing 3.5% and the S&P 500 climbing nearly 2%.