S&P 500, Nasdaq close at records on jobs data; Nvidia market cap nears $4 trillion

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closed at record highs, notching a third week of gains. The Dow closed up 0.77%, only 0.41% away from its own record.Chipmaker Nvidia rose 1.3%, putting its market capitalization at $3.89 trillion. The company is close to overtaking Apple's all-time record and becoming the world's most valuable company in history.Trading volume was light in a shorter session on the eve of Friday's U.S. Independence Day holiday."We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," said Kristina Hooper, Chief Market Strategist at Man Group in New York."But there's some basis for it. I think there is some level of relief because the jobs report was not as weak as it could have been."The rally has been fueled by retail investors, who are largely ignoring the inflationary pressure on the horizon, uncertainty around tariffs and "are focused on the tangible, which is today's jobs report," she said.The S&P 500 gained 51.94 points, or 0.83%, to 6,279.36 and the Nasdaq Composite gained 207.97 points, or 1.02%, to 20,601.10. The Dow Jones Industrial Average rose 344.11 points, or 0.77%, to 44,828.53.Data showed nonfarm payrolls increased by 147,000 jobs last month, 33% more than the 110,000 jobs forecasted by economists polled by Reuters. Unemployment fell to 4.1% last month, a better result than the 4.3% expected.Traders quickly priced out chances of an interest-rate cut in July, with the odds of a 25-basis-point reduction in September at 68%, according to CME Group's Fedwatch tool, down from 74% a week ago.After markets closed, Republicans in the U.S. House of Representatives approved President Donald Trump's massive tax-cut and spending bill, an expected outcome.The legislation will add $3.4 trillion to the nation's $36.2 trillion debt, according to the nonpartisan Congressional Budget Office, and will also push millions of Americans off health insurance.Large tax cuts and increased government spending can boost demand in the economy. This can add inflationary pressure, especially when the economy shows signs of strength, such as the latest jobs report."Some data points, like the jobs report, are positive and charming. But if we just take a step back, the picture is not that great," said Alex Morris, CEO of F/m Investments, which manages $18 billion in Washington, D.C.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,279.35 +51.93 (+0.83%)Dow 3044,828.53 +344.11 (+0.77%)Nasdaq20,601.10 +207.97 (+1.02%)Russell 20002,249.04 +22.66 (+1.02%)VIX17.48 +1.10 (+6.72%)Gold3,346.50 +3.60 (+0.11%)PortfolioSign in to access your portfolioSign inTop gainersBMNR Bitmine Immersion Technologies, Inc. 135.00 +76.50 (+130.77%)RUN Sunrun Inc. 10.50 +1.51 (+16.80%)TRIP Tripadvisor, Inc. 17.50 +2.51 (+16.74%)DDOG Datadog, Inc. 155.15 +20.14 (+14.92%)SYM Symbotic Inc. 47.91 +5.71 (+13.53%)Top losersLEN Lennar Corporation 110.12 -4.69 (-4.09%)LEN-B Lennar Corporation 105.62 -4.37 (-3.97%)ESGRP Enstar Group Limited 19.45 -0.79 (-3.91%)HOOD Robinhood Markets, Inc. 94.40 -3.58 (-3.65%)BG Bunge Global SA 78.44 -2.95 (-3.62%)Most activeLCID Lucid Group, Inc. 2.1600 +0.1100 (+5.37%)NVDA NVIDIA Corporation 159.34 +2.09 (+1.33%)INTC Intel Corporation 22.49 +0.61 (+2.79%)F Ford Motor Company 11.81 +0.04 (+0.34%)TSLA Tesla, Inc. 315.35 -0.30 (-0.10%)Earnings eventsTrending tickersBTC-USD Bitcoin USD 107,569.43 -2,366.09 (-2.15%)NDM.TO Northern Dynasty Minerals Ltd. 2.4000 +0.4800 (+25.00%)HR-UN.TO H&R Real Estate Investment Trust 12.46 +1.83 (+17.22%)TD.TO The Toronto-Dominion Bank 101.69 +0.10 (+0.10%)SHOP.TO Shopify Inc. 158.26 -1.03 (-0.65%)Top economic events