US stocks jump to close strong 2nd quarter as Nasdaq has best first half in decades

 

Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2023 in New York City. 

Spencer Platt/Getty Images

• Mega-cap stocks helped end the second quarter with a bang.
• The Nasdaq 100 ended just shy of a previous first half record, with a 32% gain.
• Positive economic data continued to fuel investor confidence on Friday.

Mega-cap tech stocks helped the market end higher Friday, with stocks ending a remarkably strong first quarter in the face of mounting recession fears and tight central bank policy. 

The Nasdaq 100 gained nearly 32% in the first half, nearly breaking its first-half record, set in 1983. The tech sector was propelled by massive enthusiasm for AI that's gripped Wall Street in 2023. 

The S&P 500 gained 17.6% in the first half while the Dow climbed 3.7%. 

In the second quarter, the Nasdaq closed at 13% higher, while the S&P and Dow climbed 8.8% and 2.5%.

Core Personal Expenditure Price index data released Friday morning also added to investor confidence, showing that inflation climbed 4.6% from a year ago in May, down from 4.7% in April. On a monthly basis core PCE was up just 0.3%. 

Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:

S&P 500: 4,450.38, up 1.23% 

Dow Jones Industrial Average: 34,407.60, up 0.84% (285.18 points)

Nasdaq Composite: 13,787.92, up 1.45%

Here's what else is going on: 

• Bitcoin dipped Friday as the SEC reportedly said BlackRock and Fidelity's ETF applications are inadequate.
• It's inflation — not the economy — could be headed for a hard landing, Bank of America said.
• The US housing market faces a decade-long supply crunch, a Realtor.com analyst said.
• Wall Street legend Art Cashin warns that the sentiment-driven stock rally could end badly.
• Warren Buffett's Berkshire Hathaway now owns 25% of Occidental Petroleum stock, after snapping up over 2 million shares.

In commodities, bonds, and crypto:

• The West Texas Intermediate climbed 0.97% to $70.54 a barrel. Brent crude, the international benchmark, gained 0.77%, trading at $74.91 a barrel.
• Gold edged up 0.47% to $1,927.62 per ounce.
• The 10-year Treasury yield fell two basis points to 3.831%.
• Bitcoin dropped 2% to $30,413.