Wall Street shook off its spring swoon on Thursday, driving the S&P 500 up 0.8 per cent to within a hair—just 0.05 per cent—of February’s all-time close. The broad-based index even poked above the record intraday before easing, while the Dow Jones Industrial Average surged 404 points and the Nasdaq tacked on 1 per cent. Tariff worries that clipped stocks by nearly 20 per cent in April have faded for now, replaced by optimism that the economy can stomach higher import costs without falling into recession.

Earnings sparks helped. Spice maker McCormick jumped 5.3 per cent after topping profit forecasts and outlining plans to blunt tariff-related cost bumps. Tech’s AI vanguard kept the wind at investors’ backs: Nvidia inched up 0.5 per cent to extend a 61 per cent melt-up since April 8, and Super Micro Computer vaulted 5.7 per cent, bringing its two-month gain to 55 per cent. Even mixed numbers from Micron—strong guidance but a one-per-cent slip on the day—couldn’t dim the sector’s glow.

Macro signals looked sturdy enough to keep the rally humming. Durable-goods orders surprised to the upside, jobless claims eased, and bond yields dipped as traders weighed reports Trump may fast-track a Fed chair replacement. The 10-year Treasury slid to 4.24 per cent, hinting that inflation fears remain contained. With the S&P now back to the doorstep of history, all eyes turn to July’s Fed meeting and the ultimate shape of Trump’s tariff regime—two wildcards that could either seal the breakout or spark the next bout of volatility.