The strong jobs report also spurred a spike in Treasury yields and reduced expectations for the Federal Reserve to cut interest rates soon.

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.

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.