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.

On April 8, when stocks were on the verge of plunging into a bear market, few Wall Street experts were predicting that the market would hit a record high just 80 days later.