NEW YORK (AP) — Relief is running through Wall Street on Thursday, and the U.S. stock market is rallying after it seemed to pass a couple of crucial tests. Not only did Nvidia provide another blockbuster profit report that suggested AI superstar stocks can keep rising, a mixed report on the U.S. jobs market kept alive hopes that the Federal Reserve can deliver more cuts to interest rates.

The S&P 500 climbed 1.7% and pulled closer to its all-time high , which it set almost a month ago. The Dow Jones Industrial Average was up 581 points, or 1.3%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 2.2% higher.

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