The S&P 500 and the Nasdaq Composite rose modestly to post record closing highs on Thursday, boosted by an upbeat forecast from Delta Air Lines and a record close for Nvidia while investors shrugged off President Donald Trump’s latest tariffs.

Delta shares rallied 12% after the carrier forecast third-quarter and full-year profits above Wall Street estimates.

Nvidia rose 0.7% and closed above the $4 trillion valuation milestone for the first time, the S&P 500’s second biggest boost on the day.

Initial jobless claims for the week of July 5 came in at 227,000, below the consensus of 235,000 in a Reuters poll. The number marked a seven-week low although data around holidays such as last week’s July Fourth can often be volatile.

The S&P 500 notched its fifth record close since June 27 while the Nasdaq registered its sixth record closing high in the same timeframe. Thursday marked the S&P 500’s eighth record close so far in 2025.

The Dow Jones Industrial Average rose 192.34 points, or 0.43%, to 44,650.64, less than 1 percentage point below its record close, reached in early December.

The S&P 500 gained 17.20 points, or 0.27%, to 6,280.46 and the Nasdaq Composite gained 19.33 points, or 0.09%, to 20,630.67.