US stock markets reached all-time highs on Friday, with the S&P 500 closing at 6,173.07 and the Nasdaq also hitting a record. This follows a remarkable recovery from near bear market territory in April. While President Trump's announcement of ending trade talks with Canada briefly impacted the market, stocks rebounded before closing. The rise is attributed to factors including the AI boom, hopes for a Fed rate cut, and easing trade tensions. However, challenges remain, including potential Congressional gridlock and the expiration of a tariff pause.

Prepared by Christopher Adams and reviewed by editorial team.