High tariffs had more or less disappeared for the last 75 years until the Trump administration brought them back. But a unique database of investment returns that dates back to 1875 shows that high tariffs can coexist with stock-market gains.

In 100 days full of surprises for investors, the S&P 500 and Dow nearly recouped their April declines – even with a worse-than-expect GDP report.

The Dow and S&P 500 look to notch a sixth day of gains as investors await more trade news and an easing of tariffs on automakers expected to be announced by President Trump as his 100 days are marked this week.