S&P 500, Nasdaq hit record highs after market rebound

The US stock market closed at record highs Friday, with both the S&P 500 and Nasdaq rebounding from late-session losses triggered by trade tensions with Canada.

Wall Street ended the week on a high note Friday as both the S&P 500 and Nasdaq Composite closed at record levels, overcoming a brief sell-off sparked by fresh US-Canada trade tensions.

The S&P 500 gained 0.5 percent to finish at 6,173.07, its first record close since February 19. The Nasdaq Composite also rose 0.5 percent, hitting its first all-time high since December 16, driven by continued enthusiasm for Big Tech and the AI boom.

Stocks briefly turned lower late in the day after President Donald Trump announced the United States was ending trade talks with Canada in response to Ottawa’s new digital services tax. Trump warned new tariffs on Canadian goods would follow within a week.

The news dampened investor sentiment, but the downturn was short-lived. Wall Street rallied again roughly an hour before the closing bell.

The Dow Jones Industrial Average climbed 432 points, or 1 percent, after being up as much as 580 points earlier. The blue-chip index remains about 1,200 points, or 2.7 percent, below its record high.

Shares of UnitedHealth, Apple, Merck and Nike weighed on the Dow’s performance. UnitedHealth has fallen 39 percent so far this year.

The Nasdaq 100, focused on top tech stocks, had already set a new record earlier in the week.

Copied