Stocks continue to rally with the S&P 500 up about 26% from its April 8 trough, when equities initially declined on the White House announcement placing higher tariffs.

U.S. markets have seemed to “keep calm and carry on” this year to date — despite dramatic policy changes that may have delayed impacts on the economy, according to David Kelly, chief global strategist at J.

Analysts said the muted market response was because many investors expected the levies to settle at lower levels after negotiations.