The S&P 500 (^GSPC) briefly touched the 6,000 mark on Friday shortly after the market open, its highest level since February.
Stocks have roared back roughly 20%, or more than 1,000 points, from their April lows after President Trump’s “Liberation Day” tariff policy reveal.
The president has since rolled back the broad-based reciprocal tariff plan he unveiled on April 2, announcing a 90-day pause on many countries, a framework deal with the UK, and a temporary trade truce with China.
The broad-based index came close to touching the 6,000 level on Thursday after President Trump said he had a “very good phone call” with his Chinese counterpart, Xi Jinping, about trade.
However, the S&P 500 retreated by the afternoon following a very public feud between Trump and Tesla (TSLA) CEO Elon Musk.
By Friday morning, the war of words showed signs of cooling. However, a White House official told Reuters there was no planned phone call between Trump and Musk.