U.S. stocks on Friday closed out one of their strongest June performances in decades as Wall Street responded to signals that the Federal Reserve is moving towards a more accommodating interest rate policy.
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The Dow Jones Industrial Average had its best June in 81 years, while the S&P notched its best in 64 years. The rally, which continued on the final trading day of the month, gave the Dow a 6.9 percent jump, the best since 1938.
|I:DJI||DOW JONES AVERAGES||30218.26||+248.74||+0.83%|
|I:COMP||NASDAQ COMPOSITE INDEX||12464.232074||+87.05||+0.70%|
The S&P 500 added 6.2 percent -- the strongest June since 1955. The index also posted its strongest first half since 1997, surging 17 percent.
Thee tech-heavy Nasdaq Composite rose nearly 7 percent, its best showing since 2000, as tracked by the Dow Jones Market Data Group.
Trump tweeted about the market's performance on Friday, taking credit for its strong performance.
For much of June, investor sentiment was lifted by hopes that the U.S. and China may reach a trade deal. But those hopes were tempered this week after reports that Chinese President Xi Jinping would give President Trump a set of conditions when they meet later Friday to be met by Washington before reaching any settlement.
There is also the threat of further tariffs on Chinese goods, which Trump mentioned during an interview this week on FOX Business.
Shares of large-cap U.S. banks led gainers, rising after the Federal Reserve on Thursday approved capital plans of 16 banks.
Apple shares dipped after the company said Jony Ive, a close creative collaborator with the iPhone maker's co-founder Steve Jobs, will leave later this year.
|JPM||JP MORGAN CHASE & CO.||122.34||+1.10||+0.91%|
Nike moved lower after the company missed analysts' estimates for quarterly profit.
The yield on the benchmark 10-year Treasury eased slightly to 2 percent, while crude oil prices plunged 2.31 percent to $58.06 per barrel.
In Asia on Friday, China's Shanghai Composite slipped 0.6 percent and was down 0.8 percent for the week. Hong Kong's Hang Seng lost 0.3 percent but gained 0.2 percent for the week. Japan's Nikkei ended 0.5 percent lower and lost 0.2 percent for the week.
European markets finished the day higher. London's FTSE added 0.3 percent, Germany's DAX added 1 percent and France's CAC was higher by 0.8 percent.