Nvidia Rises as Wall Street Hits Record Highs Amid Robust Jobs Report

Wall Street surged to new heights as chipmaker Nvidia neared a $4 trillion valuation. Strong U.S. jobs data boosted investor optimism, offsetting reduced prospects for an interest rate cut. Key indices closed with gains, fueled by retail investors focusing on positive economic indicators despite inflationary challenges on the horizon.

Wall Street reached unprecedented levels on Thursday, propelled by chipmaker Nvidia's rise towards a $4 trillion valuation and robust U.S. jobs data that buoyed investor sentiment, despite diminished hopes for a forthcoming interest rate cut.

The S&P 500 and Nasdaq concluded the day at all-time highs, marking a third consecutive week of growth, while the Dow Jones edged closer to its own record. Investor enthusiasm was spurred by Nvidia's 1.3% increase, giving the company a market cap of $3.89 trillion, edging it closer to surpassing Apple's valuation.

Amid light trading in a shortened session before the Independence Day holiday, data showing a rise in nonfarm payrolls and a drop in unemployment further fueled market momentum. The day's activity was marked by significant movements in the tech sector along with political developments, including advances on President Trump's tax-cut bill in the House of Representatives.

(With inputs from agencies.)