The S&P 500 index — which represents the largest and best known companies in the stock market — closed at a record high Friday, reversing a spring slump tied to President Trump’s trade war.
Investors also shrugged off recent fighting in the Middle East, to send the S&P 500 index to a fresh peak of 6173.07, eclipsing the previous high reached back in February.
It’s a remarkable turnaround for stocks, given that the index had fallen into bear market territory less than three months ago.
In April, the S&P dropped 20% from its February high, after the president announced double-digit tariffs on nearly everything the U.S. imports. While some of the steepest tariffs have been temporarily suspended, import taxes are still the highest they’ve been in nearly a century.
Trump said Thursday that the U.S. has reached a trade agreement with China, although he offered no details.
The Dow Jones Industrial Average and the Nasdaq also gained ground Friday, with the Nasdaq topping its own previous record from December.