US stocks rallied after jobless claims fell to 215,000, beating forecasts. The Dow hit a record 52,900.07. Here is what the labor data means for markets.

US initial jobless claims fell to 215,000 for the week ending July 4, reinforcing labor market stability and reducing chances of Federal Reserve rate cuts.

Initial unemployment claims decreased last week, indicating a stable labor market. Job growth slowed in June, but economists see no major shift. Continuing claims rose, reflecting…