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

• 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.