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The S&P 500 closed at an all-time record high on Friday afternoon, extending breakneck gains achieved in recent weeks as investors shrugged off concerns about newly imposed tariffs and war in the Middle East.

Despite stocks dipping slightly after President Donald Trump’s announcement that the U.S. would end all trade talks with Canada, the S&P 500 recovered to close at a record high — 6,173. Previously, the all-time high closing price was 6,144.

The tech-heavy Nasdaq also closed at a record high at 20,273.

On Friday morning, the S&P 500 climbed 0.3%, clocking in for the first time ever at 6,156.

Over the past month — even as U.S.-China trade tensions resurfaced and conflict grew in the Middle East — the S&P 500 climbed more than 5%.

In all, the S&P 500 has soared more than 20% since an April low in the wake of Trump’s “Liberation Day” tariff announcement. Over that period, the tech-heavy Nasdaq has climbed 28%, while the Dow Jones Industrial Average has jumped 12%.

Concern among investors about topsy-turvy economic policy has given way to cautious optimism about a dialed-back tariff posture and continued economic growth, some analysts previously told ABC News.

In recent weeks, Trump has rolled back some of his steepest levies, easing costs imposed upon companies and alleviating concern about a sharp surge of inflation.

A trade agreement last month between the U.S. and China slashed tit-for-tat tariffs between the world’s two largest economies and triggered a surge in the stock market. Within days, Wall Street firms softened their forecasts of a downturn.

The downshift of tariffs has coincided with data demonstrating a healthy economy.

Stocks briefly dipped on Friday afternoon after Trump said the U.S. would be ending all trade talks with Canada immediately.

In a post on his social media platform, Trump said he came to the decision after learning Canada announced they are putting a digital service tax on U.S. technology companies, which he calls a “direct and blatant” attack on the U.S.

Fresh inflation data earlier this month showed a slight acceleration of price increases, but inflation remains near its lowest level since 2021. Hiring slowed but remained sturdy in May as the uncertainty surrounding on-again, off-again tariffs appeared to curtail hiring less than some economists feared, a government report this month showed.

The outbreak of tit-for-tat strikes between Iran and Israel earlier this month sent stocks falling and hiked oil prices. Those challenges proved short-lived, however, as stocks resumed their gains and oil prices eased amid a ceasefire.

Iran will not change its position regarding its nuclear program despite the military action taken by the U.S. and Israel, Esmaeil Baghaei, a foreign ministry spokesperson, told Iranian state media on Thursday.

“We have shown that pressure, intimidation, threats, and even the use of naked force against a sovereign state, in violation of all international standards and norms, cannot undermine our rights. Our rights remain intact,” Baghaei told IRNA in a lengthy interview published Thursday.

Baghaei also addressed accusations that Iran was looking to prolong the negotiations with the U.S. that had been scheduled to take place in Oman before Israel attacked.

“All of these cases show that the American side was not serious about the negotiations from the beginning. But this does not diminish the value of the actions of the Islamic Republic of Iran. In my opinion, Iran’s entry into these negotiations truly exposed the hypocrisy and lies of the other side,” Baghaei said.

“History will record that in the midst of a diplomatic process between Iran and a party that considers itself a global power, Iran’s logic prevailed, and they failed to meet this logic. For this reason, they encouraged and supported their proxy in the region to attack Iran,” Baghaei added.

On the calls to resume negotiations with the U.S. over Iran’s nuclear program, Baghaei said, “First, we never trusted the other side. Because sometimes some words are used, such as ‘the recent incident caused trust between Iran and America to decrease’ or ‘to disappear,’ while we basically never trusted [them]. One of the reasons for this is the events that we are witnessing now. We were talking to the other side in an atmosphere of absolute distrust. The reason for this distrust is their history of breaking promises.”

Iran is still evaluating if and how they will work with the International Atomic Energy Agency in light of a new bill passed in Iran’s Parliament Thursday, Iranian Foreign Minister Abbas Araghchi said on Iranian state TV Thursday.

Whether or not Iran will stay in the Non-Proliferation of Nuclear Weapons Treaty, also known as the NPT, needs to be investigated, Araghchi said. Iran will “act accordingly with the interest of the country,” he added.

One of the reasons Iran cannot maintain the same relationship with the IAEA as it had before the 12-day war is because the IAEA did not condemn Israel and the US’s attacks on Iran’s nuclear facilities, he said.

“The IAEA Director-General should have done this,” referring to condemning Israel and the U.S.’s attacks on Iran’s’ nuclear facilities, Araghchi said. “Attacking nuclear facilities is an unforgivable crime from international law.”

Araghchi said the law passed by Iran’s Parliament will be further investigated by the Iranian government and said the new law hasn’t completely blocked a path for cooperation with the IAEA.

“We need to perform more legal work on this law and decide how we can set our relations with the IAEA,” Araghchi said.

The IAEA inspections have stopped inside Iran, Araghchi said.

Iran’s foreign minister said on Thursday that his country’s nuclear facilities were not completely destroyed and suggested Tehran still holds some leverage in potential future negotiations over its nuclear program.

“They thought they would completely destroy our nuclear facilities and leave our hands empty in negotiations, then say, ‘Come to negotiate.’ This didn’t happen,” Abbas Araghchi, the Iranian foreign minister said on Iranian State TV.

“The same won’t happen with snapback, meaning it’s not that the Europeans’ hands will be full; on the contrary, their hands will be completely empty,” he added.

Snapback is the term to describe the mechanism in the 2015 nuclear agreement that would quickly reimpose United Nations sanctions on Iran if it didn’t meet its nuclear commitments. The UK, France, Germany, Russia and China can trigger the mechanism if they find Iran in violation of the agreement. The U.S. lost that ability when President Donald Trump withdrew from the deal in his first term.

Araghchi also described what a potential nuclear agreement might look like even after the military strikes by the U.S. and Israel.

“Any potential agreement should have two main pillars: enrichment in Iran and the lifting of sanctions. On the other hand, there could also be another pillar, which is Iran’s commitment to not moving towards a nuclear weapon,” he said. “This is because it aligns with our standards, principles, and beliefs. We have no problem with this either. Therefore, if these three axes exist in any agreement, in our view, the possibility of reaching that agreement exists. Now, the details can be discussed.”

President Donald Trump took a victory a lap on Friday after the Supreme Court limited nationwide injunctions issued by lower court judges against his executive order to effectively end birthright citizenship.

“This was a big one, wasn’t it?” Trump said as he walked into the White House briefing room.

While Trump celebrated the 6-3 court decision as a “monumental win,” the justices did not weigh in on whether his executive order is constitutional and allowed legal challenges to continue.

Attorney General Pam Bondi acknowledged the justices will rule on the merits of Trump’s Day 1 order during their next term, which starts in October.

Trump and Bondi, though, praised the court’s conservative majority for limiting a federal judge’s power to block a president’s policy nationwide. Justice Amy Coney Barrett argued only the Supreme Court can provide such universal relief.

Nationwide injunctions have been at the center of the administration’s monthslong standoff with the judiciary, as several of Trump’s actions — from his immigration crackdown to efforts to freeze federal funding — have been halted by district court judges.

“I was elected on a historic mandate,” Trump said from the podium. “In recent months we’ve seen a handful of radical left judges effectively try to overrule the rightful powers of the president to stop the American people from getting the policies that they’ve voted for in record numbers. It was a grave threat to democracy.”

Trump specifically thanked Justice Barrett, who authored the opinion. Barrett has drawn some ire from conservatives for staking out independent ground and at times breaking with Trump, who appointed her to the bench.

Asked about the conservative criticism of Barrett, Trump responded: “I don’t know about that. I just have great respect for her. I always have. And her decision was brilliantly written today.”

Trump also continued to make the case for his Day 1 executive order that would deny citizenship to children born on U.S. soil to unlawful immigrants or those on a temporary immigrant status. District court judges, so far, have said such a move would appear plainly contrary to the text of the 14th Amendment and legal precedent.

The administration’s claimed in court proceedings birthright citizenship creates a strong incentive for illegal immigration.

“They used birthright citizenship, some of the worst people, some of the cartels, to get people into our country,” Trump said on Friday.