| Economic growth was negative in the first quarter, government-imposed costs on trade have risen this year, federal debt continues to soar, stocks are richly priced relative to their earnings, and Congress is laboring just to prevent massive tax hikes scheduled for the end of the year. Yet equity investors keep expressing confidence in U.S. business. The Journal's Karen Langley and Krystal Hur report: The S&P 500 on Friday notched its first new high since February, capping a dizzying 24% rally from the depths of April's tariff-induced selloff. The wild 89 trading days in between records marked the swiftest-ever recovery back to a closing high after a decline of at least 15%, according to Dow Jones Market Data. Stocks have climbed in recent sessions after the fragile cease-fire between Israel and Iran sent oil prices lower and fueled optimism that the Middle East could avoid a prolonged conflict. Continued trade negotiations between the U.S. and trading partners including China and the European Union have also lifted investors' spirits ahead of the looming deadline for tariff hikes. On Friday, the S&P 500 opened above its previous intraday high, surrendered gains after President Trump announced that he was halting trade talks with Canada, then climbed again late in the session to finish up 0.5%. The Nasdaq Composite Index also hit a new record, its first since December, and closed up 0.5%. Maybe the answer is that investors dig Trump vibes more than they are willing to announce publicly or share with pollsters. | 
