Industrials

The S&P 500 and Dow have pushed to record territory as earnings strength, lower oil and softer private hiring data ease pressure from the rate trade. Friday’s payrolls report now becomes the key test for whether the breakout can extend or must absorb a pullback.

The Dow Jones pushed to a record high after a weak payrolls reading and fresh downward revisions strengthened the case for a more patient Federal Reserve. Investors rotated away from tech and into cyclical sectors as Treasury-rate expectations shifted and the Nasdaq lagged.