The Dow Jones Industrials shot higher 284.29 points to conclude the week and month at 34,406.71.
The S&P 500 gained 53.89 points, or 1.2%, to 4,450.35.
The NASDAQ index popped 196.59 points, or 1.5%, to 13,787.92.
Mega-cap technology stocks responsible for a sizeable chunk of 2023’s market gains rose Friday. Dominant artificial intelligence chipmaker Nvidia jumped nearly 4%, bringing its yearly gains to 190%. Meta Platforms, Microsoft and Netflix added about 2%. Apple added 2% to trade above a $3-trillion market cap.
Elsewhere, Nike shares bucked the broad market uptrend. The apparel giant fell more than 2% after reporting a weaker-than-expected quarterly profit.
Friday marked a pivotal day for investors, bringing the conclusion of the month, second quarter and first half. The last six months saw 2022’s beaten-down growth names make a broad comeback as the promise of artificial intelligence and hope of an end to the Fed’s rate campaign lifted major tech players to astonishing heights.
Despite these strong gains, some on Wall Street expect volatility in the second half and likely profit taking from investors that benefitted from the rally.
The S&P 500 has gained more than 6% in June and is on pace for its best monthly performance since October. The NASDAQ has advanced 6.7%. Both indexes are heading for a fourth consecutive positive month. The Dow has climbed 4.7%, and it’s on track for its best month since November.
The S&P 500 has risen 8.4% in the second quarter, on track for a third straight quarter of gains and its biggest quarterly advance since the fourth quarter of 2021. The NASDAQ touts a gain of 13% for back-to-back positive quarters. The Dow has jumped 3.5%, but it’s on pace for a third winning quarter.
Year-to-date and for the first half, the S&P 500 has popped 16.1%, and its headed for its best first half since 2019. The NASDAQ has surged 31.9%, tracking for its best first half since 1983. The 30-stock Dow boasts a more modest gain of 3.9%.
The three major averages are also on pace for winning weeks, and a gain of more than 2%.
Prices for the 10-year Treasury gained a bit of ground, lowering yields to 3.82% from Thursday’s 3.84%. Treasury prices and yields move in opposite directions.
Oil prices added 71 cents to $70.57 U.S. a barrel.
Gold prices recovered $9.90 to $1,927.80 U.S. an ounce.