S&P 500 and Nasdaq Hit Record Highs Amidst Major Labor Data Revisions

Equity markets shrugged off significant downward revisions to U.S. labor data as the S&P 500 and Nasdaq Composite closed at fresh record highs. The S&P 500 gained 0.27% to 6,512.61 while the Nasdaq advanced 0.37% to 21,879.49, buoyed by a rally in UnitedHealth shares.

The Bureau of Labor Statistics slashed 911,000 jobs from its previous estimates for the 12 months through March - the largest downward revision since 2002. "The jobs picture keeps deteriorating," noted Chris Zaccarelli of Northlight Asset Management, suggesting potential implications for Federal Reserve policy.

Market participants appeared largely indifferent to the historical revisions, focusing instead on the potential for accelerated rate cuts. JPMorgan Chase CEO Jamie Dimon cautioned about economic weakening, though stopped short of predicting recession.