NEW YORK — 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.

The Dow Jones Industrial Average was up 675 points, or 1.5%, as of 10:25 a.m. Eastern time, and the Nasdaq composite was 2.3% higher.

The market had been shaky for weeks coming into Thursday, largely because of twin worries: Stocks caught up in the frenzy around artificial-intelligence technology may have simply shot too high, and the Fed may be done deliver

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