U.S. stocks closed at an all-time high Friday, another milestone in the market's remarkable recovery from a springtime plunge caused by fears that the Trump administration's trade policies could harm the economy.

The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from February 19 through April 8.

The market's complete turnaround from its deep swoon happened in about half the time that it normally takes, said Sam Stovall, chief investment strategist at CFRA.

“Investors will breathe a sigh of relief,” he said.

The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%.

President Donald Trump’s decision Friday to halt trade talks with Canada threatened to derail Wall Street’s run to a record, but the market steadied after the S&P 500 briefly turned negative.

The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs.

The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. A ceasefire between the two nations is still in place.

The price of crude oil in the U.S. rose 0.4% to $65.52 a barrel. Prices have fallen back to pre-conflict levels.

Investors are also monitoring potential progress on trade conflicts between the U.S. and its trading partners, specifically China. The two countries have signed a trade deal that will make it easier for American firms to obtain magnets and rare earth minerals from China that are critical to manufacturing and microchip production, U.S. Treasury Secretary Scott Bessent said Friday.

China’s Commerce Ministry also said that the two sides had “further confirmed the details of the framework” for their trade talks. But its statement did not explicitly mention an agreement to ensure U.S. access to rare earths, and instead said it will review and approve “eligible export applications for controlled items.”

An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists' projections.

Inflation remains a big concern for businesses and consumers. Trump’s on-again-off-again tariff policy has made it difficult for companies to make financial forecasts. It has also put more pressure on consumers worried about already stubborn inflation. A long list of businesses from carmakers to retailers have warned that higher import taxes will likely hurt their revenues and profits.