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

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.)