LIVE MARKETS-S&P 500, Nasdaq notch record closing highs

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S&P 500, NASDAQ NOTCH RECORD CLOSING HIGHS

Both the S&P 500 .SPX and the Nasdaq composite .IXIC marked record closing highs on Friday after they managed to recover late in the day from pressure tied to U.S. President Donald Trump's abrupt announcement that he was ending trade talks with Canada over new tax targeting U.S. technology firms and that he would set new tariff rates for Canadian goods within a week.
Trade has been a key worry in recent months for investors concerned that hefty import tariffs with major trading partners would cause inflation to balloon and hurt the global economy.
Friday's news comes after Canada's Prime Minister Mark Carney said on June 16 he agreed with Trump that they should try to seal an economic and security deal within 30 days. Earlier on Friday, U.S. Treasury secretary Scoot Bessent said U.S. trade deals could be done by the September 1, citing talks with 18 top trade partners.

The S&P 500 and the Nasdaq had hit intraday record highs right out of the gate on Friday.
For the week, the S&P 500 gained 3.44 % while the Nasdaq rose 4.25% and the Dow Jones Industrial Average .DJIclimbed 3.82%. The Russell 2000 Small Cap index rose 3.07% for the week.
Among the S&P 500's 11 major industry sectors 9 advanced or were roughly flat at the close, with consumer discretionary .SPLRCD the biggest gainer, up 1.8%, while energy was the biggest loser, finishing down 0.68%.
Nike 's NKE.N 15.2% gain was the biggest driver for the discretionary index with an encouraging forecast on the back of its turnaround effort and plans to reduce China production for U.S.-bound goods in an effort to reduce tariff related costs.
AI chip leader Nvidia Corp NVDA.O was the S&P 500's biggest index point boost on the day as it added about 1.8% and scored a record closing high for the third consecutive session.
Here is your closing snapsnot:

(Sinéad Carew)

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