Two major U.S. stock average log fresh record closing highs to end a holiday-shortened trading week, although the buoyant mood fails to extend into Europe with uncertainty still swirling around an aggressive U.S. trade agenda. The U.S. Congress passes President Donald Trump’s giant policy bill, in a key legislative win that came despite some intraparty detractors. Trump also suggests Hamas could deliver its decision on a temporary ceasefire with Israel in the coming hours.

The benchmark S&P 500 and tech-heavy Nasdaq Composite both logged fresh all-time peaks on Thursday, as investors cheered a strong U.S. jobs report and shrugged off predictions that the Federal Reserve would now opt not to slash interest rates this month.

By the end of trading on the final day of a holiday-shortened week, the S&P 500 had climbed by 0.8% and the Nasdaq had advanced by 1.0%. The blue-chip Dow Jones Industrial Average also gained 0.7%, hovering within striking distance of its own record high. Stock markets in the U.S. will be shuttered on Friday for the Independence Day holiday.

Labor Department data showed that the U.S. added more roles than anticipated in June, although the numbers masked a slowdown in private hiring to an eight-month low. The unemployment also ticked down to 4.1%, but this was partly driven by more Americans choosing to leave the workforce, while a decline in the length of the average work week suggested that businesses may be ratcheting down hours.

Still, the figures underlined broad resilience in the labor market that, coupled with recently benign inflationary pressures, could persuade Fed policymakers to hold off on cutting borrowing costs at their next two-day gathering on July 29-30.

Meanwhile, in individual stocks, Nvidia (NASDAQ:NVDA)’s market capitalization surged to nearly $4 trillion. The designer of high-end artificial intelligence chips and focal point of a boom in enthusiasm around the nascent technology is now on pace to become the most valuable company in history.