U.S. stocks closed at an all-time high Friday, another milestone in the market’s remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy.

The S&P 500 rose 0.5%, finishing above its previous record set in February. The key measure of Wall Street’s health fell nearly 20% from Feb. 19 through April 8.

The Nasdaq composite gained 0.5% and set its own all-time high. The Dow Jones Industrial Average rose 1%.

The gains on Friday were broad, with nearly every sector within the S&P 500 rising. Nike soared 15.2% for the biggest gain in the market, despite warning of a steep hit from tariffs.

The broader market has seemingly shaken off fears about the Israel-Iran war disrupting the global supply of crude oil and sending prices higher. The price of crude oil in the U.S. rose 0.4% to $65.52 a barrel. Prices have fallen back to pre-conflict levels.

An update on inflation Friday showed prices ticked higher in May, though the rate mostly matched economists’ projections.

The Federal Reserve is monitoring the tariff situation with a big focus on inflation. The rate of inflation has been stubbornly sitting just above the central bank’s target of 2%. In the report Friday, its preferred gauge, the personal consumption expenditures index, rose to 2.3% in May. That’s up from 2.2% the previous month.

The Fed cut interest rates three times in late 2024 following a historic series of rate hikes to cool inflation. The PCE was as high as 7.2% in 2022 while the more commonly used consumer price index hit 9.1%.

Bond yields held relatively steady. The yield on the 10-year Treasury rose to 4.27% from 4.24% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, edged up to 3.74% from late Thursday.

All told, the S&P 500 rose 32.05 points to 6,173.07. The Dow gained 432.43 points to 43,819.27, and the Nasdaq added 105.55 points to 20,273.46.

— Associated Press