S&P 500, Nasdaq hit record highs as markets rebound from April’s tariff despair

SEE FULL BIOPresident Donald Trump as he boards Air Force One in late June

MANDEL NGAN—AFP/Getty ImagesThe S&P 500 and Nasdaq both hit all-time highs late Friday morning after President Donald Trump said that the U

Had signed a new trade deal with China

Just two months ago, the seemed to be in crisis as investors despaired over the effects of President Donald Trump’s sweeping set of tariffs

Now, the are jubilant

The rally came after Trump said Thursday at a White House event that his administration had just signed a trade deal with China

The 47th president did not initially vide details, but Treasury Secretary Scott Bessent said Friday during an interview on Fox Network that he expects China’s supply of rare earth minerals to flow back into the U

A Chinese government official later confirmed that the People’s Republic will speed up its export of minerals dyssium and terbium, which are used for heat-resistant magnets

Bessent also said that the U

Has 18 “important trading partners” with whom the federal government is negotiating

He said he expects those deals to be struck by Labor Day, a longer timeline than the initial July 9 deadline he had previously prescribed

The stock ’ euphoric Friday is a welcome change-of-pace for the Trump administration

Shortly after the president’s inauguration on January 20, investors pushed to new highs in February as they bet Trump’s - stance would buoy the economy

However, amid the administration’s chaotic cutbacks in the federal government, spearheaded by Tesla CEO Elon Musk, slid

In April, the market selloff became even more dramatic when Trump unveiled a severe array of tariffs on the U. ’s largest trading partners

The stock market plummet ranked among some of the worst in U

The chaos seeped into the bond , as interest rates on 20-year U

Treasurys rose, a signal of the lack of investor confidence in U

Government-issued debt

The bond market turmoil reportedly mpted Trump’s administration to retreat from some of its more aggressive trade war rhetoric

And, while the 47th president sometimes reverted back to bombastic threats against China and other major trading partners on social media, his administration worked to strike trade deals and stave off a broader economic slide in the U

In June, the Bureau of Labor Statistics released a report that inflation hadn’t meaningfully crept up post Trump’s tariff reveal

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