The stock market is nearing a record high after cratering in April. Here's why.

The S&P 500 is approaching a record high, marking a stunning turnaround from April when stocks nosedived after President Donald Trump unveiled a flurry of tariffs on so-called "Liberation Day."

The S&P 500 has jumped 23% since closing at its 2025 low on April 8. On Thursday, it closed up 9 points, or 0.8%, to 6,141, just three points shy of its record closing high of 6,144 on February 19. The tech-heavy Nasdaq also flirted with its previous record of 20,174, set in December 2024, inching up 195 points, or 1%, on Thursday to close at 20,167.

The market could surpass those previous records on Friday or early next week, analysts told CBS MoneyWatch.