The Globe and Mail reports in its Friday edition that Canadian and U.S. stocks rallied Thursday, as chipmaker Nvidia rose closer to a $4-trillion (U.S.) valuation and a surprisingly strong U.S. jobs report cheered investors. A Reuters dispatch to The Globe says the S&P 500 and Nasdaq closed at record highs, notching a third week of gains. The Dow neared its own record high. The S&P/TSX Composite Index ended up 164.60 points at 27,034.26, eclipsing the record close on Wednesday and topping 27,000 for the first time. Year-to-date the index has gained 9.3 per cent. Cargojet was a standout. Its shares rose 8.5 per cent after the company extended its air transportation services agreement with Amazon. Just two of Toronto's 10 sectors ended lower, including energy, which fell as the price of oil settled lower at $67 (U.S.) a barrel. Nvidia is close to overtaking Apple and becoming the world's most valuable company in history. "We are seeing a real bout of irrational exuberance; the stock market is very biased towards optimism," said Kristina Hooper at Man Group in New York. The rally has been fuelled by retail investors, who are largely ignoring the inflationary pressure on the horizon and uncertainty around tariffs.