Stocks have recovered most of their post-Liberation Day losses. Investors are tuning out tariffs and focusing on earnings.

Traders celebrate after the closing bell on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., February 6, 2018.

Brendan McDermid/Reuters

• Stocks are rebounding as investors dismiss Trump's tariff threats and firms post strong earnings.
• The S&P 500 has recovered most of its losses since "Liberation Day."
• But risks remain with potential profit hits and consumer price hikes.

Just five weeks ago, the world was ending.

That's what investors thought, anyway.