U.S. stock benchmarks enjoyed a nearly unfettered run-up toward records on the week — with the rally pausing briefly Friday — on the back of the Federal Reserve’s easier monetary-policy stance.
Recent gains have put the Dow Jones Industrial Average DJIA, -0.13% in position to ring up its best June gain of 7.7% since 1938 when the blue-chip benchmark surged an eye-popping 24.3% on the month, according to Dow Jones Market Data.
The S&P 500 index SPX, -0.13% is on track for its best June return, with a gain of about 7.2%, since 1955 when the broad-market benchmark rose 8.2%, while the Nasdaq Composite Index COMP, -0.24% was on track for a 7.8% return in June, which would represent its best June since a 16.6% gain back in 2000. The S&P 500 notched its first record close since April 30 on Friday, while the Dow is off less than 1% short of its Oct. 3 all-time closing peak.
The rally for equities has been partly supported by the Fed, which concluded its Wednesday rate-setting meeting by signaling a willingness too trim rates as soon as the end of the July 30-31 gathering to curb the effects of tariff clashes between the U.S. and international trade partners, notably China, that have roiled global economies and threaten to disrupt global supply chains.