NEW YORK (AP) — U.S. stocks pulled closer to their records on Thursday following a couple reports on the economy that came in close to expectations.

The S&P 500 rose 0.7% and climbed back within 1.3% of its record set in July following a shaky summer. It remains on track for a fourth winning week in the last five.

The Dow Jones Industrial Average added 235 points, or 0.6%, and the Nasdaq composite gained 1%.

Nvidia was the strongest force lifting the S&P 500 and rose another 1.9% to bring its gain for the week to nearly 16%. The chip company’s stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial-intelligence technology.

It and other Big Tech stocks helped offset a 12.4% slump for Moderna after the vaccine maker said it expects to break even in 2028, pushing out its earlier prediction of 2026. The company, whose sales have cratered in the aftermath of the COVID-19 pandemic, is also reducing its 2025-2028 research and development investment by 20%.

Treasury yields held relatively steady in the bond market following reports on layoffs and inflation that included few surprises. The data did little to change the overriding belief in the market that the U.S. economy is slowing, along with inflation, and that the Federal Reserve will deliver a cut to interest rates next week in hopes of protecting the job market and preventing a recession.

One report said the number of U.S. workers applying for unemployment benefits last week ticked up, though it remains low relative to history. Another said prices charged at the wholesale level were 1.7% higher in August than a year before. That’s a slowdown from July’s inflation rate, but an underlying measure that economists see as a better predictor of future trends also ticked up more than expected.

The inflation data was similar to Wednesday’s report on prices at the U.S. consumer level. It kept traders betting the Fed will deliver a traditional-sized cut of a quarter of a percentage point next week, instead of the larger half-point that some had earlier been expecting.

While lower interest rates help goose the economy and investment prices, they can also give inflation more fuel.

In the bond market, the yield on the 10-year Treasury edged up to 3.68% from 3.66% late Wednesday. It’s steadying a bit after sliding since April on expectations for coming cuts to rates. That easing helped pull the average rate on a 30-year mortgage in the U.S. this week to its lowest level in 19 months, according to Freddie Mac.