The US stock market on Friday hit an all-time high, its first since mid-February. It marked the culmination of a remarkable recovery on Wall Street since flirting with bear market territory in early April.

As for the main indexes, the Dow Jones Industrial Average gained 0.9% to 43,386. The S&P 500 rose 0.8% to 6,141 and the Nasdaq Composite added 1.0% to 20,167 – both benchmarks finishing within a chip-shot of their respective all-time highs of 6,144.15 from February 19 and 20,173.89 from December 16.

Investors shouldn’t forget that valuations look frothy once again, geopolitical jitters have a way of lingering, and higher tariffs are a very real possibility.