Stock markets touch record highs in sharp turnaround from April trough

• Stocks climbed higher on hopes of rate cuts and trade easing, with the S&P 500 a few points shy of its record close in February.

The U.S.’s major stock index closed within a hair of its record high set in February, climbing on investors’ hopes that rate cuts and tariff relief are coming sooner than expected.

The S&P 500 gained 0.8%, closing at 6,141—just below its record 6,144 set in February. The Dow rose 0.97%, or 194 points, and the Nasdaq gained 0.94%.