US stocks close higher after strong jobs data. S&P 500 and Nasdaq reach records. Mega tax bill is likely to pass. Trump tariff deadline is next week.

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.

Stocks, bond yields and the dollar gained on Thursday after a strong jobs report soothed nerves about how the economy is faring during the early stages of President Donald Trump’s tariff campaign.