S&P 500 and Nasdaq close at record highs after jobs data.
Nvidia's market capitalization approached $4 trillion.
By Sabrina Valle
NEW YORK (Reuters) Wall Street surged to record highs on Thursday, with chipmaker Nvidia nearing a $4 trillion valuation and a surprisingly strong U.S. jobs report cheering investors, who ignored the reduced chances of a U.S. interest rate cut this month.
The S&P 500 and Nasdaq indexes closed at record highs, marking a third consecutive week of gains. The Dow Jones index closed near its own record high.
The S&P 500 gained 0,83%, to 6.279,36 points. The Nasdaq technology index advanced 1,02%, to 20.601,10 points. The Dow Jones rose 0,77%, to 44.828,53 points.
During the week, the S&P 500 gained 1,72%, the Nasdaq rose 1,62%, and the Dow Jones advanced 2,3%.
Chipmaker Nvidia rose 1,3%, bringing its market capitalization to $3,89 trillion. The company is close to surpassing Apple and becoming the most valuable company in history worldwide.
Trading volume was light in a shortened session on the eve of the US Independence Day holiday on Friday.
The rally has been fueled by retail investors, who are largely ignoring inflationary pressure on the horizon, uncertainty surrounding tariffs, and "are focused on the tangible, which is today's jobs report," said Kristina Hooper, chief market strategist at Man Group.
Data showed that the U.S. economy added 147.000 nonfarm payroll jobs last month, 33% more than the 110.000 jobs predicted by economists polled by Reuters. Unemployment fell to 4,1% last month, a better result than the 4,3% expected.
Traders quickly reduced the chances of an interest rate cut in July, with the probability of a 25 basis point reduction in September at 68%, according to the CME's Fedwatch tool, down from 74% a week ago.
