S&P 500, Nasdaq close at records on jobs data; Nvidia market cap nears $4 trillion
Wall Street rallied on Thursday to record closing highs, as chipmaker Nvidia rose closer to a $4 trillion valuation and a surprisingly strong U.S. jobs report cheered investors, who shrugged off dimming chances for an interest rate cut this month.
The S&P 500 and Nasdaq 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.
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.
Source : Reuters
