Here's What the July Jobs Report Means for the Stock Market

The economy added 255,000 jobs in July, crushing estimates of 185,000, sending the S&P 500 to a new record high on Friday. Plus, average hourly wages rose 0.3 percent month-over-month, eclipsing estimates of 0.1 percent. TheStreet's Scott Gamm speaks with Virtu Financial trader Matthew Cheslock on the floor of the New York Stock Exchange to discuss what the strength in the labor market means for the equity market in the near-term.