Mumbai, July 4 -- The Nasdaq jumped 207.97 points (1%) to 20,601.10, the S&P 500 advanced 51.93 points (0.8%) to 6,279.35 and the Dow climbed 344.11 points (0.7%) to 44,828.53.

U.S. non-farm payrolls rose by 147,000 in June, beating expectations, while unemployment fell to 4.1%. Traders reacted positively, though the strong data may delay Fed rate cuts. Market also eyed passing of President Donald Trump's massive tax-cut and spending package by the US Congress. The "Big, Beautiful' bill passed by a slim 218-214 margin, marking a major legislative win for the US President.

Positive sentiment may also have been generated in reaction to a report from the Institute for Supply Management showing the service sector returned to growth in the m...