The S&P 500 reached a new high on Friday, driven by optimism for Federal Reserve rate cuts after a positive jobs report. The index closed at 5,567.19, with the Nasdaq also hitting a record high. The Dow Jones Industrial Average closed at 39,375.87. So far this year, the S&P 500 has seen a 16.7% rally, with the Nasdaq up 22.3%. The latest jobs report showed an increase in nonfarm payrolls, but also a rise in the unemployment rate to 4.1%. This led to expectations of a rate cut by the Fed later this year. Tesla and Apple shares rose, while Nvidia saw a decline after a Wall Street downgrade. Overall, all three major indexes ended the week positively, with the Nasdaq up by 3.5% and the S&P 500 by nearly 2%.