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.

Stocks and bonds in the U.S. are up this year, seeming to shrug off historically large tariffs even as investors remain watchful for delayed impacts of President Donald Trump’s policy changes. U.S. stocks closed higher Monday while bonds were little changed,

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