NEW YORK, June 28, 2025 (BSS/AFP) - Wall Street stocks finished at fresh records Friday as markets cheered the latest progress in US-China trade negotiations, completing a comeback from a spring swoon due to President Donald Trump's tariffs.

Both the S&P 500 and Nasdaq finished at all-time highs following a roller-coaster session that included a stint in negative territory after Trump announced he was breaking off trade talks with Canada, rupturing a series of largely positive headlines on trade.

The broad-based S&P 500 finished up 0.5 percent at 6,173.07, while the tech-rich Nasdaq Composite Index also climbed 0.5 percent to 20,273.46. Both represent fresh closing records.

The Dow Jones Industrial Average jumped 1.0 percent to 43,819.27.

Stocks were solidly positive through early afternoon when Trump blasted Canada's digital services tax in a social media post that called the country "very difficult" to trade with.

Angelo Kourkafas of Edward Jones said the Canada statements highlighted the potential for further volatility with the approach of a July 9 trade negotiation deadline.

"Today's headline about Canada is another reminder that as we get closer to July 9th there are catalysts for some volatility," Kourkafas said.

But Tom Cahill, chief investment officer at Ventura Wealth Management said other trade news developments in recent days had been positive, including that Washington and Beijing confirmed finalizing a framework to move forward on trade.

"The news has been incrementally more positive since April on the trade front," Cahill said.

The S&P 500 last hit a record in February, but began to come under pressure thereafter as Trump began to sharpen his rhetoric on trade. This culminated with Trump's April 2 "Liberation Day" vow to implement steep new levies on all trading partners.

Trump has since suspended the most onerous elements of his trade overhaul, while still implementing the biggest US tariffs imposed in decades.

That has raised concerns about inflation. The personal consumption expenditures price index climbed 2.3 percent last month from a year ago, according to data released Friday. This was in line with analyst expectations and a slight acceleration from April's 2.2 percent increase.

But Cahill said the tariffs have thus far not resulted in significant inflationary pressures, raising hopes about Federal Reserve easing.

"Now the market is starting to anticipate a Fed rate cut in September," said Cahill, who also pointed to the boom in artificial intelligence investment as a driver of equity market momentum.