Stock markets touch record highs in sharp turnaround from April trough

(Credit: Michael Nagle—Bloomberg/Getty Images)

• 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.