The S&P 500 index surged to a record high Friday, squeaking out a gain after President Donald Trump announced that he was ending trade talks with Canada. The benchmark index climbed 0.5 percent, topping the previous high of 6,144.15 set in February. The tech-heavy Nasdaq and Dow Jones Industrial Average also ended the session higher.

Ahead of the open, the Bureau of Economic Analysis said the Personal Consumption Expenditures (PCE) Price Index rose 0.1% from May to June. On an annual basis, headline inflation increased 2.3%. The results were in line with what economists expected. The report also showed that consumer spending and personal income fell in May.