US stocks close at a record: TACO trade kicks in quickly after Trump blows up Canada talks

It’s a lively day in US equity markets as strong buyers waded in early. It looked like the market would cruise to a record high close until Trump tweeted that he was ending trade talks with Canada. That led to a wave of tariff worries that erased more than 40 points in the S&P 500 and put it into negative territory.

But the dip buyers didn’t wait long to buy on the TACO trade and stocks finished with solid gains.

Closing changes:

• SPX +0.5%
• Nasdaq +0.5%
• Russell 2000 0.0%
• DJIA +1.0%
• Toronto TSX Comp -0.5%

One of the memes worth noting is Palantir, which fell 9.4% after a late-day swoon.

On the week:

• SPX +3.4%
• Nasdaq +4.2%
• Russell 2000 +2.9%
• Toronto TSX Comp +0.6%

These are record weekly closes for the S&P 500 and Nasdaq.

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