The S&P 500 closed at a record high on Friday, rising 0.52% to 6,173.07, despite fresh tariff comments from U.S. President Donald Trump. Earlier in the day, it hit an intraday high of 6,187.68, surpassing its previous peak, News.az reports citing Investing.
The Nasdaq Composite also closed at a record, gaining 0.52% to 20,273.46, while the Dow climbed 432 points, or 1%, to 43,819.27.
Markets initially rallied on optimism after Commerce Secretary Howard Lutnick said a U.S.-China trade framework had been finalized and deals with other major partners were expected soon. Gains later eased after Trump announced the end of U.S.-Canada trade talks.
Since its April 8 low, the S&P 500 has surged over 20%, driven by resilient investor demand, AI-fueled tech gains, and momentum despite geopolitical and fiscal concerns.
After weeks of spotlight on geopolitics, investors will likely turn their attention to upcoming economic data and policy signals this week, to gauge whether the recent stock market rally can continue.
The focus is on Thursday’s U.S. jobs report, which could offer key insight into the health of the labor market. Markets will be closed Friday for the July 4 holiday. Economists expect June payrolls to rise by 110,000, down from May’s 139,000, according to a Reuters poll.
Citigroup’s U.S. economic surprise index has been slipping, reflecting weaker-than-expected data.
“After some softer May data, the June data is really going to be under a microscope,” said Matthew Miskin of Manulife John Hancock Investments. “If the data deteriorates more, it may get the market’s attention.”