S&P 500 rises to another record to wrap up second-quarter comeback
Stocks rose on Monday as traders closed out a stunning month with even more record highs.
The S&P 500 gained 0.52% and posted another record close, ending at 6,204.95. The Nasdaq Composite advanced 0.47% and also reached fresh all-time highs, closing at 20,369.73. The Dow Jones Industrial Average climbed 275.50 points, or 0.63%, settling at 44,094.77.
Monday’s rise follows Canada rescinding its digital service tax in an effort to facilitate trade negotiations with the U.S. That’s after President Donald Trump on Friday said the U.S. was “terminating ALL discussions on Trade with Canada.” Initial payments on the tax were set to begin Monday and would have applied to companies such as Google, Meta and Amazon.
Investors are awaiting the announcement of any trade deals between the U.S. and its trading partners, as Trump’s 90-day tariff reprieve is set to expire next week. On Monday, Treasury Secretary Scott Bessent said there are “countries that are negotiating in good faith.” However, he added that “if we can’t get across the line because they are being recalcitrant,” tariffs could still “spring back” to the levels announced on April 2.
Deals on that front could be finalized once Trump’s “one, big, beautiful” bill passes, National Economic Council Director Kevin Hassett said on CNBC’s “Squawk on the Street” Monday. The package narrowly passed a key procedural vote in the Senate on Saturday night. If passed by the Senate, it faces an uncertain path in the House, where some GOP lawmakers have balked at revisions in the latest version of the bill.
While the looming tariff deadline and tax bill could help spur volatility in the remainder of 2025, equity fundamentals and improving market breadth, among other factors, could mean that the recent momentum will continue, according to Terry Sandven of U.S. Bank Wealth Management.
Source : CNBC
