The S&P 500 closed higher Tuesday, boosted by Nvidia and Eli Lilly. Trump’s decision to fire Fed Governor Lisa Cook raised concerns about the central bank’s independence. Despite inflation pressures, traders expect a 25-basis-point interest rate cut in September. Eli Lilly saw a 6% jump after announcing a promising new diabetes pill.

The S&P 500 is trading at a four-year high of 23 times expected earnings, with the risk of a selloff if Nvidia’s results disappoint. The index closed at 6,465.94 points, just shy of its record high. The Nasdaq climbed to 21,544.27 points, while the Dow Jones rose to 45,418.07 points. Seven of 11 S&P 500 sectors saw gains, led by industrials and financials.

EchoStar surged 70% after AT&T agreed to buy wireless spectrum licenses for $23 billion. Advanced Micro Devices rose 2% after an upgrade to “buy.” The S&P 500 recorded 21 new highs and 2 new lows, with the Nasdaq seeing 120 new highs and 59 new lows. U.S. exchange volume was light at 15.7 billion shares.

Read more at Yahoo Finance: S&P 500 ends higher after Trump attacks Fed; Nvidia climbs