Ammon News - Wall Street extended its rally on Friday, sending S&P 500 and Nasdaq to all-time closing highs as trade deal hopes fueled investor risk appetite and economic data helped solidify expectations for rate cuts from the U.S. Federal Reserve.

Stocks pared gains after U.S. President Donald Trump terminated trade negotiations with Canada in response to its digital tax on technology companies.

Even so, all three major U.S. stock indexes posted weekly gains. Upon reaching its record closing high, the tech-heavy Nasdaq confirmed it entered a bull market when it touched its post "liberation day" trough on April 8.

The blue-chip Dow remained 2.7% below its record closing high reached on December 4.

The Dow Jones Industrial Average rose 432.43 points, or 1.00%, to 43,819.27, the S&P 500 gained 32.05 points, or 0.52%, to 6,173.07 and the Nasdaq Composite gained 105.55 points, or 0.52%, to 20,273.46. Reuters