The US economy shed 23,000 jobs in July, yet the S&P 500 closed at a record as investors read the weak report as ruling out a Federal Reserve rate rise.

The U.S. lost 23,000 jobs in July, far below forecasts, while earlier months were revised down—prompting markets to quickly rethink the Fed’s next rate move.

Global economy: S&P 500 slips 0.18% to 7,710, Dow falls 0.85% to 53,885, Nasdaq dips 0.06% to 26,348. Gold drops 0.59% to $4,253. US 10-year yield rises