The U.S. stock market rallied on Thursday after a better-than-expected unemployment report eased concerns about the slowing economy. A rise in Nvidia, Apple, Telsa, Intel and other major technology stocks led the Nasdaq to rise nearly 3%.

The Dow Jones Industrial Average rose 683.04 points, or 1.76%, to 39,446.49, while the S&P 500 gained 119.81 points, or 2.30%, to 5,319.31. The Nasdaq Composite closed 464.22 points, or 2.87%, higher at 16,660.02. The Nasdaq 100 rose more than 3%.

Nvidia’s stock price rose 6.13%, while Advanced Micro Devices shares gained nearly 5.95%. Intel’s stock price jumped 7.9%, and electric car maker Tesla’s shares rose 3.69%.

Among other major technology stocks, Apple shares rose 1.66%, Microsoft Corporation shares rose 1.07%, Amazon shares gained 1.86%, and Alphabet shares climbed 1.92%.

Other top performers in the Nasdaq 100 included shares of Ar, Marvell, ON Semiconductor, Microchip, Broadcomm and Qualcomm, which rose 6-10%.

Meanwhile, futures for U.S. stock indexes traded higher on Friday. Nasdaq-100 futures rose 0.3 percent, while futures tied to the Dow Jones Industrial Average were little changed.

The rally in the US stock market came after recent jobs data boosted investor confidence in the economy and eased fears of a US recession.

The number of initial claims for state unemployment benefits fell by 17,000 to 233,000 in the week ending August 3, a seasonally adjusted figure. This is the sharpest decline in around eleven months. Economists surveyed by Reuters had forecast 240,000 claims for last week.

Hopes for interest rate cut

In addition, increased hopes for interest rate cuts by the US Federal Reserve also supported price gains in US stocks.

Fed policymakers are increasingly confident that inflation will cool sufficiently to allow interest rate cuts. They will base the amount and timing of these rate cuts not on the turmoil in the stock markets but on economic data. That was the common message of three US central bankers in their speech on Thursday, Reuters reported.

(With contributions from Reuters)