June 27 (UPI) -- The Standard & Poor's 500 and Nasdaq Composite on Friday rose to record highs nearly three months after plunging to bearish stock prices amid tariff wars. The S&P finished at 6,173, an increase of 32.05, or 0.52% at the close of trading at 4 p.m. EDT. The previous all-time high closing price was 6,144 on Feb. 19. The index dropped to 4,982.77 on April 8, six days after Donald Trump announced trading tariffs on virtually all U.S. trading partners. That low point was 19% off the record with a bear market considered to be 20%. Tech-heavy Nasdaq finished at 20,273, a rise of 105.55, or .52%. The last all-time high was 20,173.89 on Dec. 16. The year's low was April 8 at 15,267, a decline of 24.5% from the record. The Dow Jones Industrial Average ended the day at 43,819.27, a rise of 431.43 or 1%. DJIA hit a record of 45,014.04 on Dec. 4 and was down to 37,645.59 on April 8. The high this year was 44,882.13 on Jan. 30th, 10 days after Donald Trump became president. All but two of CNBC's 11 sectors declined. Energy dropped 0.5% and health 0.17%. The biggest increases were consumer discretionary at 1.78% and communications services at 1.55%. Stocks had been trading higher Friday until Trump posted on Truth Social that trade talks with Canada were terminated. "We have just been informed that Canada, a very difficult Country to TRADE with, including the fact that they have charged our Farmers as much as 400% Tariffs, for years, on Dairy Products, has just announced that they are putting a Digital Services Tax on our American Technology Companies, which is a direct and blatant attack on our Country," Trump posted. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," he said. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period." The United States has imposed a 25% tariff on non-compliant Canadian goods, including vehicles, with energy products subject to a 10% tariff. Also, Canada was hit by the 50% tariff on steel and aluminum imports like other nations. Canada has retaliated with its own tariffs. Products involved in the U.S.-Mexico-Canada Agreement are exempted. Investors were buoyed after Commerce Secretary Howard Lutnick said a trade framework with China had been finalized. At one time, Trump imposed a 134% tariff but it has since been cut to $30. Lutnick said he expects deals with 10 trading partners soon. On "Liberation Day" on April 2, Trump said he would impose a baseline 10% tariffs on most trading partners and stiffer ones for big violators. A week later, he paused them until July 7 and that date might be extended. "I can see where the risks are here -- if the trade [progress] is just hype from the White House and no deals are really forthcoming, then this market is going to roll over," Thierry Wizman, global FX and rates strategist at Macquarie Group, told CNBS. "Ultimately, this all comes back to growth in the U.S. economy and growth of earnings." "We think the recovery makes sense, considering that most large-cap companies should weather the tariffs reasonably well," David Lefkowitz, head of U.S. equities at UBS Global Wealth Management, told investors in a note. "In fact, we think the upcoming [second-quarter] earnings season will once again highlight the resilience of corporate profits." Vital Knowledge analyst Adam Crisafulli sees possibly bumpy times. "We think there's a dangerous amount of complacency on trade/tariffs, a view underscored by the fact markets this morning are celebrating the China 'deal' for a third time," Crisafulli said in a report. The records come days after Trump brokered a cease-fire between Israel and Iran. Oil prices surged before the U.S. bombed three nuclear targets in Iran. West Test Intermediate crude climbed to $74.14 a barrel after being as low as $57.13 on May 13. On Friday, crude oil settled at 65.07, up 17 cents from the day before. One year ago, it reached nearly $84. The average price for unleaded gas in the United States is $3.207, a penny down from last week and $3.503 one year ago, according to AAA. Investors are also pleased with good economic data. Inflation rose 2.4% in May over one year. The unemployment rate 4.2% and has been at this level since May 2024. The Federal Reserve has not raised interest rates since Dec. 18. The Federal Funds Rate is 4.25% to 4.50%. Federal Reserve Chairman Jerome Powell has described a "wait-and-see" approach to interest rate adjustments, describing the need for more data. The next meeting is July 29 and 30.