Dow Gains; S&P 500, Nasdaq Hit Records; Canada, Trump Trade Talks Lift Stocks; Tesla, Nvidia, Palantir, More Movers

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The stock market rallied into the close on Monday to wrap up a tumultuous first half of the year at record levels.

The S&P 500 rose 0.5%. It marked its best quarterly performance since the fourth quarter of 2023. The Nasdaq Composite rose 0.5%. Both indexes built on their respective record closes on Friday. The Nasdaq marked its best quarterly performance since the second quarter of 2020.

The Dow Jones Industrial Average rose 275 points, or 0.6%, to move to nearly 2% off its Dec. 4 record. The Dow had its best quarter since the third quarter of last year.

The S&P 500 and Nasdaq each rose 5.5% in the first half of the year. The Dow lagged behind with a gain of 3.6%.

The major indexes surged from the depths of April’s tariff-fueled selloff amid a wave of optimism that the Trump administration would water down tariffs before they cause major economic upheaval.

The latest catalysts have been the Republican tax bill, which is making its way through the Senate ahead of a Friday deadline, and a cease-fire between Israel and Iran.

“I’m skeptical that sentiment can carry us much further, though,” writes Callie Cox, chief market strategist at Ritholtz Wealth Management. “Especially if higher stock prices aren’t backed up by a better outlook (or at least some policy cooperation).”

The next major test for markets could be tariff negotiations. President Donald Trump has recently ratcheted up his tariff rhetoric. The sustainability of the market’s recovery may hinge on him bluffing.

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