July 10 (UPI) — The Nasdaq Composite and S&P 500 each established record highs, while the Dow made significant gains on Thursday following the potential 50% tariffs on copper and Brazilian imports.

The S&P 500 was up by about 22 points and 0.4% at a record high 6,289.15 during afternoon trading after opening at 6,266.80. It closed at 6,280.46, which was up 17.20 and 0.27% for the day.

The Nasdaq Composite also reached a record high on Thursday and was trading at 20,646.66 during the afternoon, which was up 34.07 and 0.17%. It closed at 20,630.66.

The Dow closed at 44,458.30 on Wednesday and briefly traded above 44,770 during the afternoon hours.

The market rallies continue a months-long climb for the stock market and occurred a day after President Donald Trump announced 50% tariffs on copper and products sourced in Brazil on Aug. 1.

Thursday’s rally also happened a day after tech firm Nvidia became the world’s first company to top $4 trillion in market capitalization.

Nvidia produces chips that drive artificial intelligence.