AQN:CC - Stocks Hurtle to Close out 1H
Stocks rose Friday as Wall Street looked to cap off a banner start to 2023 and the latest inflation data showed continued easing.
The Dow Jones Industrials shot higher 272.91 points to open the quarter's last session at 34,395.33.
The S&P 500 gained 48.6 points, or 1.1%, to 4,445.73.
The NASDAQ index popped 197.34 points, or 1.4%, to 13,786.67.
Friday is a pivotal day for investors, marking not just the end of the June, but also the conclusion of the second quarter and the first half. Here is where the indexes stand as of Thursday's close:
For June, the S&P 500 has gained 5.2% and is on pace for its best monthly performance since January. The NASDAQ has advanced 5.1%, and both it and the broad-market index are heading for a fourth consecutive positive month. The Dow has climbed 3.7%, and it's on track for its best month since November.
For the second quarter, S&P 500 has risen 7% and is tracking for a third straight quarter of gains. The NASDAQ touts a gain of 11.2% for back-to-back positive quarters. The Dow has jumped 2.6%, but it's also on pace for a third winning quarter.
For year-to-date and the first half, the S&P 500 has popped 14.5%, and it's heading for its best first half since 2018. The NASDAQ has surged nearly 30%, tracking for its best first half since 1983. The 30-stock Dow has a more modest gain of 2.94%.
The three major averages are also on pace for winning weeks, with the S&P 500 and Dow up more than 1% each, and the NASDAQ tracking for a 0.7% increase.
Apple shares rose more than 1% to trade above a $3-trillion market cap. Elsewhere, Nike shares fell about 2% after the apparel giant reported a weaker-than-expected quarterly profit.
Wall Street got another hint of encouraging inflation news. The May core personal consumption expenditures price index, a closely watched gauge by the Federal Reserve, rose less than expected in May. Core PCE increased 4.6% from a year ago, below the 4.7% expected by economists.
When including the volatile food and energy components, inflation was considerably softer — up just 0.1% on the month and 3.8% from a year ago. Those were down respectively from the 0.4% and 4.3% increases reported for April.
Prices for the 10-year Treasury stayed put, keeping yields at Thursday's 3.84%.
Oil prices gushed 61 cents to $70.47 U.S. a barrel.
Gold prices recovered $3.90 to $1,921.80 U.S. an ounce.