NEW YORK (AP) — U.S. stocks rallied to the brink of a record Thursday after more companies reported fatter profits than expected. Wall Street mostly yawned, again, at the latest announcement on tariffs by President Donald Trump, which may not take full effect for at least several weeks.

The S&P 500 climbed 1% to pull within 0.1% of its all-time high set last month. The Dow Jones Industrial Average gained 342 points, or 0.8%, and the Nasdaq composite jumped 1.5%.

MGM Resorts International leaped to one of the market’s biggest gains, 17.5%, after reporting stronger profit for the latest quarter than analysts expected. It cited growth in China and said trends are looking up for its Las Vegas and North American digital businesses.

Other companies reporting better profit than expected included GE HealthCare Technologies, which rose 8.8%, Molson Coors Beverage, which gained 9.5%, and Robinhood Markets, which jumped 14.1%.

Such reports, along with a remarkably solid U.S. economy, have kept U.S. stocks near their records. A report on Thursday said fewer U.S. workers applied for unemployment benefits last week, the latest signal of a firm job market.

That’s even though many downward forces are weighing on stock prices.

Chief among them are worries about stubbornly high inflation. A report on Thursday said inflation at the wholesale level was hotter than economists expected last month, following a similar report from the day before on inflation that U.S. consumers are feeling.