Investing.com – After wrapping up its best quarter in decades, stocks on Wall Street kicked off the third quarter with more gains as the economy tries to recover from the coronavirus pandemic.
The Dow Jones Industrial Average rose 3.3% this week while the S&P 500 jumped 4% in the same time period. It was the Dow and S&P 500′s biggest weekly gains since June 5.
The tech-heavy Nasdaq Composite, meanwhile, climbed 4.6% this week for its biggest weekly increase since May 8.
The strong weekly gains follow the market’s best quarterly performance in decades. The Dow ended the second quarter with a 17.8% gain, its biggest quarterly rally since 1987.
The S&P 500 scored its biggest single-quarter surge since 1998, soaring nearly 20%.
Meanwhile, the Nasdaq soared 30.6% for the quarter, its best quarterly performance since 1999.
Stocks have rallied sharply in recent months, with all three benchmarks up more than 40% from their lows set on March 23 – when coronavirus-related lockdowns shocked the stock market – as a barrage of stimulus from the Federal Reserve and the U.S. government boosted risk appetite.
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Source: Economy - investing.com
