S&P 500 closes at a record Friday, overcoming even more trade angst

The S&P 500 hit fresh records on Friday as traders managed to look past new comments from President Donald Trump tied to U.S.-Canada tariffs.

The benchmark traded added 0.52% after rising as much as 0.76% to a high of 6,187.68. That move took out the index’s previous record of 6,147.43. The Nasdaq Composite, which also hit an all-time high, rose 0.52%%. The Dow Jones Industrial Average added 432 points, or 1%.

Stocks cooled off from their session highs after Trump said on Truth Social that trade talks between the U.S. and Canada were being terminated. Investors initially bid up equities after Commerce Secretary Howard Lutnick told Bloomberg News late Thursday that a framework between China and the U.S. on trade had been finalized. Lutnick added that the Trump administration expects to reach deals with 10 major trading partners imminently.

Friday’s reversal marks the latest episode in which Wall Street tries to navigate an ever-changing global trade landscape.

After rising to a new high in February on hopes for business-friendly policies from Trump, stocks tumbled as the president decided to instead implement stiff tariffs first. At its low in April, the S&P 500 was down nearly 18% for 2025. The benchmark then began a stunning comeback after Trump walked back his stiffest tariff rates and the U.S. began negotiations for trade deals.

“Negative trade headlines haven’t been a feature of the market narrative for a few months, so the sell-off [is] more about the market remembering how unpredictable and capricious the trade talks can be,” said Jamie Cox, managing partner at Harris Financial Group.