S&P 500 Surges Through Trump Turmoil to a Record High

The S&P 500 rose to a new high on Friday, completing a swift recovery to a level last seen in February before expectations of a new business-friendly government gave way to widespread fears over the impact of trade tariffs.

It is a remarkable turnaround for a stock market that just a few months ago was being battered by investors’ fears that President Trump’s tariff proposals would bring chaos to global trade.

The S&P 500 has regained all the ground it lost in March and early April, when Mr. Trump proposed...