Stocks are ready to test fresh all-time highs despite myriad tariff, tax and political risks swirling around Wall Street.

S&P 500, Dow and Nasdaq end up after Trump holds off on reciprocal tariffs, avoiding a trade war that could slow the economy and fan inflation.

U.S. stocks are rising Thursday as big companies keep reporting bigger profits than expected. Wall Street mostly yawned at the latest announcement on tariffs by President Donald Trump, which may not take full effect for months.

Rising instability among some of the biggest US stocks is driving a measure of single-stock “fragility” to record levels, with the market increasingly vulnerable to whipsaw patterns among clusters of shares such as occurred in the dot-com bubble of the late 1990s.