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.

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.

Both the S&P 500 index and the Nasdaq appear headed to close out the week at record highs Friday, as investors shrugged off trade tensions and recent fighting in the Middle East.