Wall Street shoots toward its best day since May on Nvidia's profit report and hopes for lower rates

NEW YORK (AP) — Relief is running through Wall Street on Thursday, and the U.S. stock market is rallying toward one of its best days since the summer after it seemed to pass a couple of crucial tests.

The S&P 500 shot up by 1.8% after a blockbuster profit report from Nvidia suggested AI superstar stocks can keep rising and mixed data on the U.S. job market kept alive hopes that the Federal Reserve can deliver more cuts to interest rates.