The S&P 500 closed at an all-time record high on Friday afternoon, extending breakneck gains achieved in recent weeks as investors shrugged off concerns about newly imposed tariffs and war in the Middle East.

Despite stocks dipping slightly after President Donald Trump's announcement that the U.S. would end all trade talks with Canada, the S&P 500 recovered to close at a record high -- 6,173. Previously, the all-time high closing price was 6,144.

On Friday morning, the S&P 500 climbed 0.3%, clocking in for the first time ever at 6,156.

Over the past month -- even as U.S.-China trade tensions resurfaced and conflict grew in the Middle East -- the S&P 500 climbed more than 5%.

In all, the S&P 500 has soared more than 20% since an April low in the wake of Trump's "Liberation Day" tariff announcement. Over that period, the tech-heavy Nasdaq has climbed 28%, while the Dow Jones Industrial Average has jumped 12%.

Concern among investors about topsy-turvy economic policy has given way to cautious optimism about a dialed-back tariff posture and continued economic growth, some analysts previously told ABC News.

In recent weeks, Trump has rolled back some of his steepest levies, easing costs imposed upon companies and alleviating concern about a sharp surge of inflation.

The downshift of tariffs has coincided with data demonstrating a healthy economy.